Short answer: I should, more than I do!
I have a hard time purging jewelry. It's sentimental, for some reason, and it doesn't take up a lot of room, for the most part, so it's easy to justify keeping it. But I do have some overflowing collections, and just reading this thread is making me want to go up to the armoire and take a critical look at the rather extensive collection.
In particular, I have a lot of earrings that are going almost totally unworn in the last year or so. I default to my diamond studs (gift from my husband) almost every day and only occasionally add a pair of dangly earrings, which used to be one of my signature pieces. But I'm enjoying a more streamlined approach to jewelry lately... a cuff OR a necklace, etc. Not both.
One thing I still wear as much as ever: rings. I will probably never give up statement rings. In fact, I think I'd like to purge some old ones that don't match my current tastes to make a little room for new ones.
I also feel like I need to clarify, that I don't consider much of my jewelry to be "junk jewelry" -- many pieces were purchased from artisans, craft fairs, etc., and are nice quality, but not necessarily my style at the moment. But I hate to let go of them in case I change my mind. I really don't have much from the fast-fashion stores.
I also have half of my mom's collection which I inherited (my sister has the other half). A lot of that is daintier than I tend to wear, but with the daintier jewelry trend of late, maybe some of those vintage pieces will get some love.