Yup. I always say - we are post-scarcity for plastic. I have 3 kids, and we accumulated plastic stuff at such a horrifying rate that I started thinking of it as a liquid.
That works fine for adults, but it's sketchier with kids. Maybe a better system would be to make them trade toys and choose which ones they keep?
We have many relatives and friends, everyone wants to gift something at every occasion (x2 kids), and several times friends gave us whole bags of toys their kids outgrew. Over time they pile up more than you may think.
And in the end - it doesn't matter how many toys they got - a measuring tape or an empty box will keep them occupied longer than any toy you can imagine :D
I'll admit that the circumstances were quite special but it seemed like a relief from the burden of all those toys we would have had instead.