Now they are tunneling below the Japanese Alps to build a maglev connecting Tokyo to Osaka, the Tokaido Shinkansen is at capacity running 17 trains an hour during rush hours.
If perfected means they put it even where probably there wasn't a need for it, then yes. HSR is fantastic for connecting big cities, but it's also very expensive and sometimes China has prioritized HSR rather than regular rail, even though there wasn't a strict need for very fast expensive trains. Sometimes slower, more frequent and cheaper low speed rail can make more sense.
It's not bad per se, but it's money that could be used for better purposes.
Counterpoint: HSR is far more energy efficient than air travel, which would otherwise be the preferred option because regular trains are just not fast enough for country as big as China. Even when the electricity is generated from coal, the simple physics of not needing to literally defy gravity significantly reduces the carbon footprint of the trip.