What's your view on minimalism, with regards to scarcity, wastage and inequity of resource distribution?

I believe that so-called minimalism that you see people presenting on social media supports wasting much more than any other lifestyle. They tell you to regularly get rid of your stuff and only keep minimum of possessions. For what exactly? So that you could buy it again and again whenever you need it? What is wrong with keeping a great variety of tools and supplies long-term?