there is such a variety of collectors
* Tobacco / Vintage / Post world war 2 1948-1965 (or so) / early modern 1966-85 or so / junk wax / modern
* Baseball / Football / Basketball / Hockey / all other sports / non sports
* Raw / Graded
* Autographs / Memorabilia / Short Prints / Inserts / Errors / Parallels
* US / Japan / Europe / China / the rest of the world
* Set collectors / Team Collectors / Player collectors / hoarders / investors
* RC collectors / HOF collectors / Future HOF collectors / Hyped minor leaguers
* LCS buyers / Walmart-Target / direct from Topps / E-bay / other secondary market / card shows
The manufacturers on the other hand, have tried to maximize profit, by making product for everyone, at every price point, in every way they can imagine making product to sell, and make a profit. The players and leagues get their share and are complicit.
One particular collector in the hobby, is the Topps Flagship ripper / base set builder [and Fleer, Donruss, etc when they had licenses] or just buy the full set box
The collector of Topps Flagship 1952-2000, who then added Bowman or Archives or A&G or Heritage to their set interest
I think that the idea of junk wax is specific to two areas of the hobby:
1. Topps [etc] Flagship [and 1 or a few other sets] collectors, who see the over production
2. Investors, who see that their investment is worthless
In some cases collectors have an idea that are also investors, and losses cause some loss of joy in the hobby.
For all those that are involved in other areas of the hobby, I don't see a lot of dissatisfaction.
The guy that is collecting - buying: graded /basketball / hall of fame / autographs
Buying at card shows, purely for the joy of the chase, is doing just fine.
"Ability may get you to the top, but it takes character to keep you there." - John Wooden