I agree.
But it sounded like the parents didn’t know that lesson to teach it.
My son owned the things we gave him but we made sure he was old enough to have those toys to begin with. We also held back money so he knew how to save for the larger things he wanted. With that money, he bought a remote control car that cost hundreds of dollars.
There was one time that I had failed him and I’m very lucky he doesn’t remember it. He won a hundred dollars when he was ten years old. He wanted a bike so we took him to the toy store and he picked one out. I disagreed with his purchase because the bike was too small for him. I chose one that fit him so he could ride if for a longer time as he grew.
He hated that bike and I hardly saw him ride it. He was more adult than I was and I learned a big lesson.
There was also something else he did. When he had too many toys given by others that he no longer played with, the wife had a garage sale. My son sold his old toys at his prices.