Plastic recycling is a corporate myth. Industry produced 400 million tons of plastic in 2022 & just 9.5% (38 million tons) came from recycled plastic. The rest--362 million tons--came from fossil fuels, predominantly coal and oil. https://www.nature.com/articles/s43247-025-02169-5
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From what I remember, China use to take US plastic and recycle it, which is an expensive task. But Trump placed Tariffs on China during his first term and China stopped accepting US Plastic.
So US plastic then started going to landfills and the oceans.