I think it's a good thing that you've put it into mathematical terms.
Although my initial feeling is that there are too many balls. However, there aren't. For several reasons.
1. If they buy it, the company will make it. It's simply good business practice. Why would a company decide not to make money? That isn't the point of a business. Obviously all these balls are selling or the companies wouldn't be making them.
2. Without all these options, someone would be complaining that there has been a decrease in ball production.
3. Technology has advanced to a point where, although it is still crucial to throw a good shot, weight blocks, layouts, coverstocks, and oil patterns DO make a difference. In Earl Anthony's day, everyone had 2 balls, and whoever could make the right adjustment could take the lead. Now, it's whoever has the right knowledge of the game. It's a different aspect. If making a layout change/ball change is what differentiates between the winner and the loser, so be it.
Ball Change = Adjustment
in the same way that
Moving your feet = Adjustment
in the same way that
Moving your mark = Adjustment
It's all just an adjustment. Yeah, there are a lot of bowling balls. There are also a lot of lines on a lane, a lot of adjustments, a lot of spares, and a lot of bowlers.
So in my opinion, no, it's not too many.
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