Also true for Salesforce professionals and Trailhead badges. I am currently at 174 and closing in of 175. When I first started, Trailhead was a great way to learn the platform. Not enough to get certified, but enough to understand the material in the study guides. Over time I drifted away from it. A lot of the badges on the recommended certification trails I had already done and once I hit Ranger status, the gamification aspect sort of fizzled out.
It did not help that one of the last badges I did was called Catter. It's real and it's no longer available but here's the proof. As the name suggests it's about cats and as an owner of between 2 -3 rescue hounds at any given time, it is not my most valued badge.
Fast forward to about a year or so ago when I started to learn Apex. The Apex badges were very difficult for someone with no coding experience and not very helpful. They were configured for developers wanting to learn Apex. I left the trail for resources listed in previous posts. I figured I would circle back to them once I had a better understanding of coding.
At some point I came across the Object-Oriented Programing for Admins and SOQL for Admin badges. I took a look at them and they were exactly what I was looking for. I am not sure if they were intuitive based on the hours of watching Apex videos or if they just did a better job of explaining things, but they drove home some key concepts. Based on these modules and the studying I have done, I am more confident about learning to code and passing the Platform Developer I exam.
I do wonder if at some point you can have too many badges and conversely is there any benefit to getting more. I see a lot of multiples of Ranger status (e.g., 4X Ranger) and wonder if anybody cares about that sort of stuff. Much like too many certifications can sometimes be a barrier to things, especially if you can't back up the certifications with experience, I wonder about too many badges. When I pass 200 badges, I may note it on my profile, but I won't use a multiplier...probably