I think I have too much gear, and I haven't bought anything new in years. Too much gear for me has to do with maintenance. I have two older boards that are old enough already that I've had to recap them. I try not to complain. What would be worse is if I didn't understand electronics at that level and didn't know how to recap them. I can pretty much fix anything, except don't ask me to refinish a guitar or a gun stock. Whatever I learned about woodworking in high school shop class I've mostly forgotten.
Too much gear is like too many guns. It's the same story. Rust never sleeps, so even the guns I hardly ever take to the range I have to take apart every now and then, clean and re-lube, then put them back in my gun safe.
Same with cars when you fix everything yourself. I could definitely have too many cars/trucks if I had all the ones I like. I'll never have more than two vehicles. Too much work.
From a maintenance perspective we can have too much stuff in general. And from a space perspective as well. I sometimes long for my late teens/early 20s when I could fit everything I owned in my Chevy van. Now it's more like I need a second house for all my stuff.
Oh yeah... one other way people can have too much gear is if they get having lots of gear confused with being a musician. It's same story as having lots of guns doesn't make one a skilled marksman with any of them. You have to get to the range on a regular basis just like you have to keep your chops up on whatever instruments you play and stay proficient with the gear you have.