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I believe that hoarding in itself is motivated by the anal part of our character - psychoanalytically interpreted. And what could be more obvious as a material symbol of anal hoarding than toilet paper. If I were to do some depth psychological interviews with such collectors I could probably tell you more about it.
Another hypothesis is perhaps the hope that a large amount of toilet paper in the house comes with the promise of living long enough to use it all - like a mojo.