When I was a kid, I think there were about seven or eight bowl games: Rose, Cotton, Orange, Sugar, Liberty, and two or three others. I can see expanding that to ten or twelve, but thirty or forty is ridiculous. Give the top 20 a bowl (plus some wiggle-room for teams ranked differently in different polls), and leave it at that.
I believe the Blue Bonnet Bowl too back in the day.
Yes, there are too many, but they all bring a profit to those involved.
The sponsors make money, the teams make money (and bragging rights that they were in a bowl game), and the networks make money.
Plus, the teams get to travel to locations they may not normally go.
Until those involved stop making money from bowl games, we will continue to have a large number of them.