There are games where a player has different abilities and powerups to give them an advantage in gameplay. A lot of 2D Super Mario games have powerups you consume immediately upon contact and an extra powerup you can summon at any time. There are also games like Resident Evil that give you limited space for your items. Souls games allow you to carry absolutely all of your equipment in a menu and switch at any time. I'm just curious, what goes into the thought of how easy it is to allow a player to access their tools?
There are some downsides to having the player be able to carry everything and having that stuff always available to them. In Final Fantasy 15, a common complaint was that the dungeons were trivialized because you can carry an absurd amount of potions, max hp restores, stat boosters, and revive items. I saw gameplay of an arcade horror game, Dark Deception, that gives you all of the various powers you can obtain all at once at any point. This could make the player overpowered, but it also seemed to make the gameplay more frustrating, having to cycle through each powerup to get the one you want.
Dragon's Dogma limits the player with through item weight. In my opinion, I find this method fun and it's my favorite one so far, but I can see how a lot of different players get annoyed at their speeds getting hindered by carrying too much stuff.
But then, there's always the simplest, and most common, way of doing this, and that's a direct item amount limit.