When I started the Appalachian Trail in 2013, i had a big Osprey Aether pack, a 650-fill LL Bean sleeping bag, and a bivy/tent thing that I bought at Cabelas for 30 bucks. My packweight wasn't really too much of an outlier on the AT (mostly because most folks who begin the AT have very little backpacking experience). I don't really know what my baseweight was, but it was probably somewhere between 20-30 lbs.
When I got done with the AT, my joints informed me that in order to continue backpacking, I needed to make some radical changes. I went full Ultralight Zealot for a bit there, and when I returned to the AT the next summer to fill in some sections that I missed, my packweight had been cut by at least 60% and I was so much the happier for it.
I would never dream of doing another long trail with the not-very-suitable gear I used in 2013. By contrast, I still use basically the same stuff that I had in 2014. I've had to replace items here and there, as months and miles have taken their toll, but I'm still carrying essentially the same set-up a decade later. I definitely don't use the fanciest stuff, but it's quality, built to last, and light enough that it works for me. My load-hauler pack, the ULA Circuit, should get a special mention. I've got probably 10,000 miles on it, many of those off-trail/bushwhacky/sliding on sandstone, and it's held up just fine. I had ULA replace a couple components on it a few years ago, and the pack has kept soldiering along. It's getting toward the end of its life, but I bet it still has another couple thru-hikes on it before it finally gives up the ghost.
I think that for many people (particularly those with comparatively more money than time), gear collection in itself becomes a hobby. But paradoxically, I've found that the more people actually use their gear, the less they obsess over it.