I agree with you if (1) it is done gradually as not to cause unintended consequences (2) certain higher value plastics used in long lasting products are not banned and (3) compost-able plastics are allowed. There already are compostable plastics that can easily replace most cheap plastic out there but they are slightly more expensive. If everyone is forced to use compostables instead of cheap throw-away plastic, the compostables would fall in price very quickly.

This is not a technology problem it is a very simple externality problem. We have the technology to solve it it just costs a little more and the people that are creating the problem are not bearing the costs so they do not care.