0402 passives can be bought at LCSC for like 5-10$ per reel of 10k components, so they are effectively free.
5$ for each value doesn't sound free to me. Also, there is no way I'll use 10k components.
You really need only
one value for 99% of the bypass work. 0402, at least 100nF, can be up to 1uF, X7R or at least X5R, 10V is OK. You can buy just some 500pcs, but 10000pcs may cost the same or $1 more, it depends.
This will be the part you will sprinkle everywhere, no need to buy many different sizes. If you come up with some IC which requires larger capacitance for some reason, you can just put a few in parallel. You have a simple and predictable BOM, and the fewest number of different components to stockpile! And you don't forget to buy the bypass caps for the project if you always use the same part.
Your existing part collections with many different sizes of 0805 parts are not wasted, they are useful for everything else than basic <=5V IC bypassing, where you need different sizes. Here, you need fairly low number of each size, so no stockpiling full reels.
Similarly, you may want to have one "generic pull-up/pull-down resistor" 0402 10kOhm or so, and one "generic series termination resistor" 0402 47ohms or so. These are parts you may end up using in quite large numbers, depending on what you are doing.
Why is everyone getting crazy about 0402 components if it makes no real difference?
But it makes a
whole lot of difference, as explained carefully.
Dave giving very outdated and thus wrong advice sidetracked this discussion, and every time part size is discussed, someone who has problems handling small parts pops up. It's a meaningless argument; the only one who can definitely answer that is yourself. Try it. Give it a few good shots.
If you can't handle 0402 parts (most can), that's understandable, but you should give it a shot because it will make everything just easier for you, and the result will be better as well. The smaller parts you can handle, the easier the routing given some final size constraints and electrical constraints, and the bigger selection of components, especially modern ICs that make design work much easier by solving problems for you, are available.