I would say there are too many of them. Over the past few years, everybody and their cousin, and their cousin's dog has suddenly decided that they want to head up an album project or 6. People get spread out so thin, that their interest wanes as does the initial appeal of "oh hey yeah, a project, cool, I want to be on that!"
Not all projects are bad, and I'm not sure I'd go so far to call most of them a waste of time, but I will say they certainly have grown to congest the traditional function of OCR, and in some cases detract from individuals pursuing their natural interests by default.