What too much information does
What information consumes in rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention, and a need to allocate that attention efficiently among the overabundance of information sources that might consume it.
Herbert A. Simon, "Designing Organizations for an Information-Rich World," Computers, Communication and the Public Interest (1971)
Note the date of this. It's well before the rise of the Internet. But it was apparently just as true back then as it is today.