It really depends on the type of material and country. Many monoplastics and almost all cardboard can be recycled and is (e.g. in Germany and other European countries).
> Recycling mostly means "sent to landfills in the third world"
This is less true now that China banned plastic waste imports.
I agree though that the average person might overestimate how much of their waste can be recycled. However, many materials are recycled and then re-used, so it's not like the whole concept is a scam.
B corps are like recycling programs, a nice logo.