It is easy to think that more is better when it comes to games. Why not, if more content means giving the player more choices, or extending the progression and therefore life and replayability of the game? The caviat to this is that there is such a thing as too much freedom and choice, and in this case, it is called content bloat.
Not only does this content bloat confuse new players (particularly when much of the content is introduced too quickly, without giving the player time or instruction to learn how to react to it), but it can also simply waste the developer's time.
An example of this is Battlefield 4 -- on release, this game had 64 primary weapons and 13 sidearms, and now that all of its DLC has been released, it features a staggering 88 primary weapons and 17 sidearms. Though these weapons are spread out over a few categories, such as assault rifles, shotguns, machine guns, etc., each category has many choices to choose from.
Keep in mind, these are only the weapons. This does not count the myriad attachments that can be placed on these weapons (some of which share stats and have only cosmetic differences), class-specific gadgets, player skins, weapon skins, and vehicle customization.
Image Source: http://lparchive.org/Battlefield-4/Update%2001/4-OGDpSH8.png