Not sure it’s just an aesthetic thing, having a lot of spacers can impact handling and stiffness as a longer steerer tube will flex more. In extreme cases have read that it’s potentially a safety issue, though in 20+ years of cycling I’ve never known anybody to break a steerer tube so I’m guessing it would have to be something fairly extreme e.g. 100mm of spacers and a large muscular rider who puts a lot of force through the bars.
Certainly wouldn’t make fun of anybody for having lots of spacers. But I do think that all things being equal fewer spacers is better (even if it’s only for aesthetic reasons!), and for the vast majority of body shapes there is a bike size and geometry available that would allow the bike to fit without having to resort to a bunch of spacers. Which means that those people riding around with a lot of them either didn’t get a fit before buying (very common), got a bad fit or bad advice from their LBS (sadly also pretty common) or bought a bike that just isn’t a very good fit for how they ride. An example of the latter is a guy in our area who is a fairly recreational rider who likes a more upright position (or maybe needs a more upright position due to flexibility or other limiters) but for some reason also decided that he wanted a super aero bike. So instead of getting the Roubaix that the LBS recommended, he bought a Venge which has about 50mm less stack in the same size, so he’s riding around with about as many spacers as it’s possible to have on an uncut steerer tube instead of having a slammed stem. This does seem a bit daft to me and he’s attracted a few fairly good-natured jibes about it from other people, but he also loves the bike and it’s his money so fair enough I guess!
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