It is also particularly helpful when airlines use the overheads to stow crew equipment, like the safety demo kit and other things [unidentified].
The equipment that you write about is mandated by the licensing authority: It is not an airline choice. The location of the equipment is authorised by the same authority based on safety criteria e.g. Fire Extinguishers near to galleys/toilets, equipment to be removed from aircraft to be near exits etc.
Much of the safety equipment mentioned by AirborneSoon was not available, or mandated at the time of open hatracks - hence they were not stowed anywhere.
As the airlines play the 'baggage game' to the hilt, they need also to consider finding somewhere on the ac for the crew stuff - ideally not in areas that the SLF are paying to use.
The SLF are paying to use the seats also - I assume therefore that given that the seatbelts and buckles and the safety cards impinging on that space, you also require these items to be removed.
The issue of overhead compartment space is not one that will be materially affected by the removal of supplies and equipment from these areas: This isn't a solution, it's just sniping.