I've certainly done that with ponchos. Kept one in my emergency bag for years and not used it despite being soaked on a number of occasions because I didn't know where I could get another one to replace it. That soon stopped when Poundland started selling three for £1  .
Generally though I tend to recycle my emergency stuff every now and again and have no problems with using it. Everything has a lifespan and needs replacing whether you use it or not. I bought a tube of hard plastic adhesive some years ago on the basis that it'll come in handy some day but it didn't get used until last week when I was looking to repair a crack in my Suzuki's headlamp shell. I then found the adhesive had gone solid in the tube. That crack's been there for years and I should have repaired it while the adhesive was still functional but while I procrastinated a factor I hadn't taken into account came to the fore.
The worst outcome with emergency items like ponchos is that you keep them until the day you really need them only to find they don't fit or the plastic has oxidised or something. I've had a blind spot with emergency sewing kits, using them to repair something and not replacing the bits I've used so next time they're useless.
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