This is a definite no for me! The only bags I have ever gotten rid of are cheap and trendy ones that I don't use anymore. I believe high-quality bags in good condition are always good to hang on to because even if you don't use them now, they could easily cycle back into rotation. Same goes for shoes.
I also change my bag to match the color and formality of my outfit, so I am making a new decision about which bag to use at least once every day, and sometimes even twice if I go out in the evening. I'm not one to just stick with the same bag for weeks at a time while the others sit around.
I do have a limited amount of storage space, but I can certainly store the 30 or so bags I own with no trouble, and I feel each one serves a unique purpose in my wardrobe. If I had hundreds, that might be a problem!