Similar psychology:
Trimming the number of options, e.g., service tiers, could increase conversion rates, as Hick's Law suggests people are less likely to freeze and choose nothing.
Presenting fewer, well-explained options might help users better understand the consequences of each choice, rather than struggling to compare many similar variants.
Using careful defaults to remove decisions could increase purchases, as Hick's Law suggests fewer choices may shorten the time users take to commit to buying.
Limiting the choices in user research or forms may improve the quality of user input, as too many options can leave people giving worse data (Hick's Law).