Do I own a bass that costs less than my pedalboard? Yes, I do.
Does the pedalboard I use most often cost more than the bass I use most often? No.
Did I spend more money on pedals than on bass guitars in the last 5 years? Oh yes.
The main reason for my buying so many pedals is that I also sold a lot of them.
For times, I had a long list of pedals that I wanted to try and I simply waited for the right time to acquire them from the used market. Ebay sales with bad photos, lowball offers at the dry time of the month, sheer luck, buying bundles of pedals and so forth. The important thing was to get those to a price I thought good enough that I'd be able to sell it on again. At times, I put enough time and energy in it that pedals became a hobby in it's own right.
And buying and selling as I was, I made a fair bit of profit, giving me access to more expensive options.
I eventually realized that there is a lot of magic bullet chasing going on in that market and that, as a bassist, I can't do all the shoegazing I'd like to. There's a low end to be held down. Also, I realized that a set of three boutique pedals plus two 'normal' ones for that one part of that one song is a bit on the excessive side and might be cool in a studio, but I quickly tired of carrying around a pedalboard that holds two always on pedals plus a dozen that get maybe 25 seconds on a gig night.
I started simple, went all the way to very excessive, came back to simple again and nowadays often even use a multi instead of a board.