If you're talking about "real" collections, I'd say X-Men #1 is probably the worst offender.
But if you're talking about the kind of "one longbox for 10 bucks collection" that eBay is filled with, I'd put Turok #1, Rai And The Future Force #9 and Magnus #21 far above the ones your mention. With these books, it's not only that they were produced in huge quantities, but that they also had much smaller sell-through (most copies stayed at the retailers back rooms). Heck, even the copies that were bought by fans were mostly discarded in the next couple of years.
Oh, by the way, I have about 8-10 copies of Spawn #1, so I guess I can join the club too.
(If someone starts a Turok #1 club, I'm going for a board position )