Less is more. Instead of making a list of things that are cool to have, try to identify the most likely scenarios you're going to find yourself in, and go from there. What situations are you likely to find yourself in, and what's your response plan? While carrying out this plan, what are you going to need?
Case in point - #15, fishing gear? In a REAL bug out situation, you're more likely to find yourself in a community center shelter or stuck in traffic on an evacuation route than out camping in the middle of the woods. How about a box of protein bars instead?
And keep it simple. #4, #5, #6, #7, #18 and #19 - do you really need a shovel, three knives and a sharpener? You're not Robinson Crusoe. Do you need to carry around all that weight?
#1 and #2 - 360 rounds of ammo, a 22 pistol and a high power rifle. I know we all love our guns, and as a result most gun guys plan their bug out bags around a large amount of fire power. But if you were subject to a mandatory evacuation (the most likely bug-out scenario) and you come strolling out of your house with an AR slung over your shoulder, you're going to freak out any civilian who might be of assistance to you, and draw unwarranted attention from any authority figures (cops or nat'l guard) who will probably confiscate the rifle (and you're not going to win that argument, even it you ARE right).
How about we get back to basics:
food & water in portable containers: a box of energy bars and a couple bladders of water will go a long way when you're bugging out.
warm/dry clothing: a full change of clothes, thermal first layer, a couple pairs of thick socks, a long hooded rain coat or poncho, and something insulating (thick fleece). Hit up the summer ski/snowboard clearances for this stuff. If you have room, throw in a good wool blanket and a handful of those pocket warmers.
communication device: in case I lose my phone or it goes down, I keep a tiny "go phone" and charger in my bug out bag, programmed with any important numbers I'll need. And make sure it's text capable - text messages are more likely to go through in a crisis.
portable radio: the self charging ones will help you avoid the need for batteries, plus a small set oh ear buds, so you can tune in and figure out what the hell is going on.
basic utility items: first aid kit, small tool kit (keep it light & simple), duct tape, pocket tool, flash light, sharpie & small pad of paper
health items: basic toiletries (baby wipes will be a life saver), any medication you may need
defense: a small, reliable, concealable handgun, a couple mags and a holster will do just fine.
cash: small bills, as much as you can stash away.
And most importantly, a checklist of what you need and what your plan is. In a real bug out situation, your mind is going to be racing, trying to figure out what to do. Answer those questions ahead of time with a simple checklist:
#1 grab family
#2 grab bug out bag
#3 grab X, Y and Z important items (important paperwork, priceless sentimentals, pets, whatever is important enough that it can't be left behind)
#4 lock doors & windows, set alarms, fill up gas tank (if applicable) and GTF outta there.
#5 go to place A along route B.
#6 backup plan in case #1-#5 doesn't work