Beyond that, I'm less concerned about the size of the list itself than I am about the process used to evaluate cards to go on the list as well as cards already on the list.
Some of these cards have been on the list for almost a decade. Is anybody doing a re-look? I mean, the game is MUCH different now than it was in 2012. Are we sure that cards that were banned 9 years ago still need to be banned today?
As long as somebody (balance team?) is asking those questions, then the size of the list is less of a concern.
PS: Looking at the current list, I see about 3-4 cards that could probably come off without breaking the game, but that's just my subjective opinion.