There really is more than enough address space. The 24bit prefix for each Local Internet Registry means each assignment is its own internet of internets, with

There really is more than enough address space. The 24bit prefix for each Local Internet Registry means each assignment is its own internet of internets, with enough breathing room for multiple levels of hierarchical assignment, and still with 64bits leftover on the LANs for clients to randomly assign themselves scores of addresses without fear of collision.