In addition to reducing the volume of waste being created

That will amount to a cynical coercion of the public in some way. I'm being forced to work for free in the form of sorting waste at point of disposal, and worrying about fines, all so that industry's line can continue going up. So that plastics production growth can largely continue on trend. Paper and plastic recycling are like cycling up the hill of environmental conservation in top gear. Loads of pedal revolutions that (ultimately) only slow the rate of decline back down the hill.

If the product has a high energy cost involved in new production, that's when industry actually does the right thing. Aluminum is a great example. Generous deposit schemes are found all over the world. They're voluntary and well managed. But paper and plastic are cheap to manufacture by comparison, and the costs can be passed through to the consumer, so industry and government conspire to do just that (the mechanisms of which are then greenwashed).