Excessive?

What do you think about this packaging?

Today I received the CompactFlash cards - the memory for my camera - that I ordered on Saturday. I really expected to find a relatively small padded envelope containing the cards. Instead I found a box, small, but larger than expected given the fact that I had just ordered 3 CompactFlash cards.

Each card, in it's little protective case, is 2 inches by 1 5/8 inches by 1/4 inch. Tiny. And yes, I do understand that these little cards need to be packaged so that they aren't lost. Each of the cards came in its own box. That makes sense since they are sold by the piece. What doesn't make sense to me is that each box was 4 1/2 inches by 5 3/4 inches by 1 1/4 inches.

Hmmm... that means that if I just filled the box with CompactFlash cards that the box could have easily held 4 layers of cards, each layer containing 6 cards. Yup, I could have fit 24 cards in the space that was used for one.

Do you see something wrong with this picture?