Not necessarily.
I've seen both sides of the coin. Years ago, I used Ambassadeur reels with heavier lures to fish. Then I got arthritis, and for a good number of years I used only ultralight spinning.
I caught fish with both.
I caught small fish with both.
I caught big fish with both.
Now, thanks to the miracle of modern medicine, I can go back to my heavier equipment again. But I don't do it because I think that our fish are bigger, or even because I target lunkers. I do it because:
1) Sometimes I need distance. Bigger, heavier lures give me that, and give me that more efficiently. They especially perform better against the wind.
2) Bigger lures with treble hooks have bigger treble hooks. I like that. Look at the trebles on a #3 Mepps Aglia, or a Bomber 13A or Dardevle Spinnie. Then compare those to the Musky Killer (a great bass lure!) or the Bomber 16A or the Dardevlet. People say they have problems with treble hooks, but they really have problems with SMALL treble hooks. Want a bigger hook? Get a bigger lure.
3) Some lure families have small lures that are as productive as their larger lures. But some don't. Some fishermen like a particular lure action that they only get from a larger or heavier lure. That's their choice.
4) You need to remember that the market is driven by sales, and sales are driven by need. I understand your frustration, but this is here and that is there, whether we like it or not. Inconvenient? Sure, but at least we have the freedom to choose in this country.
Have a freakin', knockout, WONDERFUL day! ? jj