Combing the ballistics page on the Tarkov wiki it largely seems like all the ammo types in this game fall into three basic categories:
(1) Best in slot ammo (7.62×39 BP, 5.45×39 BS/Ignolik, 7.62×51 M61, etc.)
(2) Risky budget ammo (7.62×39 PS, 5.45×39 BT, etc.)
(3) Absolutely useless cotton candy bullets
The vast majority of ammo in this game seems to fall into category C, and unless you're a curious player who combs the Wikis and does his/her research you'd have otherwise no idea what's good and what's absolutely useless.
All the ammo types give this illusion of choice but in reality it almost always comes down to "Use these specific ammo types or you're shooting people in the legs".
I like the option of ammo type. I like having so many choices. I only wish it wasn't so black and white between "good ammo, shoot chest" and "bad ammo, shoot leg".
Source: https://www.reddit.com/r/EscapefromTarkov/comments/fb5nez/way_too_many_useless_ammo_types/