What is the Point of the EDETC (Everyday EveryThing Carry) Movement?

When can we say that a product category has lost the plot, versus "evolving?" The EDC movement has long fascinated me. Not because I'm a proponent—I only carry a single thing that could be called a multitool, and I rarely use it outside of my house—but because of the sheer size of the market, the resources poured into it, and the fanatic level of both design attention and consumer attention poured into their products. But I do think, as a category, they've lost the plot. Initially, the...