My problem with the "too much content" is that the content is often really just easily crafted filler. But, I think this phenomenon is really a result of our own demands as gamers on game developers to constantly make games that progressively ever bigger and take ever longer. We constantly want to immerse ourselves in this gigantic, sprawling pseudo-reality that we can play in forever and never have to come back to the real-world.
The problem is that no game developer can ever physically make what it is that we are looking for, if we continue on this constant expectation for an ever more epic game. Look at how, nowadays, if a game is only a mere 10-12 hours in play length, it's deemed "too short" in a dismissive manner that almost suggests the game has no possible merit because there can't possibly be enough content. But, I'd honestly rather have a short, intense, well-crafted experience that leaves me feeling satisfied for that 10-12 hours of effort than a large, empty nothingness that just goes on and on for days, weeks, or months. If a game is not loaded to the hilt with a ton of repetitive achievements, Easter-eggs, and unlocks, then it is deemed as having no replay value. To me, real replay value is a game that is just so much fun and such a satisfying experience that I want to play it again purely for the shear pleasure of experiencing it again, not because I still have more chores to complete in it.
Many of the earlier games, back in the 70s, 80s, and even probably the earliest parts of the 90s, often only lasted about 30 minutes to 1.5 hours once you actually learned how to beat them (although that process could often require days, weeks, or even a month's worth of effort). I remember many of these games as being extremely intense experiences that left your nerves completely frayed once you completed them. It was an incredible rush, and you could only stand about 1.5 hours, at the most, because your nerves were just completely shot once you got done. You were too exhausted to do any more; so, you went outside and played with your friends to recuperate. The only games that lasted significantly longer were the RPGs; those usually were 20-40 hours total play-time, and you played them in 1-2 hours chunks.
I think if gamers learned to manage their expectations away from the need for ever bigger games and game developers focused on making tighter, more intense experiences, allowing the game to be 1, 2, 8, or 12 hours instead of needing to be these multi-week opuses, I think the complaint of "too much content" might be mooted. It's not a matter of too much or too little content; it's a matter of the right kind of content that is appropriate to the game and that provides the gamer with a satisfying overall experience.