While I'm sure that happens, Lego is also one of the toys that: is typically played with more and for longer; that gets passed from family to family, is passed between generations, or is resold. It is also less prone to breakage or wear, is relatively easy to clean, and (in many cases) has less plastic than other toys.
In many respects, it is the antithesis of what we are talking about since it is not designed to be disposable. That being said, I wouldn't be surprised if many people simply toss Lego. Such is our culture ...
No, kids just grow out of it, and parents throw it away...