Very interesting. My MIL who lives and works in Shanghai told me a few years ago that everything was basically done through the phone in the city. Bus and subway passes are on the cell phone, payments done through the phone for everything from taxi, groceries, any kind of shopping. When she runs errands, all she brings is literally her phone and her keys. So she doesn't necessarily even bring a bag with her when she goes out.
However, when she goes to work, she still needs to bring her files, tablet, probably a water bottle, umbrella, etc. so she has a work tote.
I have definitely downsized in my SLGs to mainly cardholders. There are periods of time when I'm more into using cash or I receive cash, so I put my cards aside and just use the cash until it's gone; that's when I switch to wallets.
I have always preferred carrying less but I have just enough stuff to warrant carrying a small bag. Most of the time I'll carry my phone, keys, wallet. Maybe a lipbalm or lipstick but honestly I almost never reach for it. I'm not a makeup touch-up kind of person. And if I'm going to be outside all day, a pair of sunglasses but that's pretty much it. Hand sanitizer and extra masks are always in the car and I can quickly put them in my bag if needed.
I use my long wallets to mainly store old or less frequently used cards.
This is all of course, when I'm at home, in the US. When I travel abroad, that's a bit different. There are many countries or smaller cities that still prefer cash, so it's always very handy to carry some cash around or spare change for tips, parking, a quick snack, etc. Especially if you go to certain local spots like the night markets in Taiwan or China, many of the places are small businesses and family owned, and they prefer cash (though they have definitely become more tech friendly throughout the years, depends on where you go!)