The actual amount of waste there is isn’t actually that high if you were to store it in a giant cube somewhere, the problem is the logistics of that, and the fact that right now it’s everywhere.
I can’t find a source right now but I remember something like, if you were to take all the garbage produced by the world and put it in one place it would be a kilometer cubed, or something like that.
[1] - https://www.nytimes.com/1996/06/30/magazine/recycling-is-gar...
https://www.nytimes.com/2012/10/27/world/asia/indias-plague-...
The US alone produces near 300 million tons per year, and a kilometer cube of water weights 1,000 million tons.
https://www.epa.gov/facts-and-figures-about-materials-waste-...
So if we go by that stat (300 million tons per year) we need 0.3km^3 per year for the United States to store all of its waste. So let’s say we have a hundred years worth, that’s 30km^3. Could we dig a hole 30km^3 somewhere? Not really, we can’t dig that deep generally. If we made this hole (or structure, it could have walls and a net over possibly) 100km by 100km it would need to be 2.7km deep/high to store 100 years of garbage.
It would be difficult to do this, and would probably need more area to be feasible, but I would think it would be less of a mess environmentally to try to contain the problem to a few sites like this rather than having smaller poorly contained dumps all over the world.
Another question is what to do with all the existing plastic. From what I understand there’s not really anything other than high temperature burning that will safely get rid of it without turning it to micro plastic eventually