Yes, but this does make a product that is genuinely useful potentially for years, getting away from the single-use scourge, and can still generate power by incineration at EOL.
The mining/drilling energy overhead is already embodied in the material, so it may be better not to waste that by burying it instead of getting some useful energy out.
The plastic container diverted for the bicycle pannier market isn't likely going to do anything to dent the flood of plastic waste.
My assertion is that burning it is also a form of reuse and possibly better than putting the balance, after containers and so forth that can be readily used, into a recycling system that significantly ends up in a landfill.
For example, my municipality only actually accepts 1 and 2 plastic in a recycling bin, but if it was being used for power generation maybe all of the numbers could be in there excessive 1&2 and all of the 3-7 go to the power plant? I'm not sure.
Right now if 3-7 are in there they just have to be landfilled.