Less, not more. WotC produces LESS supplemental material now than TSR EVER did in its heyday. Are you aware that in the 1990's TSR used to produce anywhere from 5 to 8 supplements a MONTH??? And it was the same thing then as now - cool magic items, cool kits, cool specialty priest classes, and cool adventures. Cool this, that, and the other, for consumption.
There is a fundamental shift - away from drowning, not towards it.
Ultimately, it IS about picking and choosing. And about what sells and what doesn't. And if the majority of D&D players out there didn't want what's being offered, D&D still wouldn't have the lion's share of RPG sales currently.
Yet they do.
The shift that HAS occurred, is the one where WotC saw what TSR never did - that there are six times as many players as DM's, and players will buy crunchy stuff more than DM's will buy fluffy stuff. So they hextupled their market share, by marketing to players as well as DM's.
It's still ultimately about picking and choosing. What do I do? I drop back and punt. Core rules only, supplemental on a case-by-case basis. No need to "drown" if you closed the sluice gates.