Yep, I realised it over the past few months, so I downsized.
Got rid of most of my pedals, kept the essentials.
Traded my 4 x 12 for a practical 2 x 12.
Streamlined my guitars to just 2, a Strat and a Tele, no floyd roses, no awkward switches or messing around with wrenches.
In doing that, I've gotten over my writers block and have come up with some pretty good stuff that's more interesting to me. Not just the same old rehashed metal stuff.
I think it's now more important to think of guitars etc as tools rather than collectable pieces of wood and metal. You don't need a million tones from 20 different guitars. Just enough tones that are usable from 1, 2 at most guitars.
Fair enough if you've got the money for lots of guitars, but personally I'm at my most happiest with my tools now and don't have a desire to build up a collection again.