I have sort of gravitated to a smallish fanny pack for the shortish hikes I usually take. That limits what I can cart around with me. But it is quite adequate for what I do.

It might not be adequate for overnight trips or longer hiking excursions or excursions in more remote areas.

I personally think you have to start out with a maximum weight and/or size you are willing to carry.

I started out with a small backpack with a 2 liter hydration bladder and went to the fanny pack with two 1 liter plastic water bottles.