Yeah, if the argument truly is, "I want to be able to know everything I need to buy for cooking," then you need "smart" everything - cabinets, bread baskets, a way of analyzing the produce sitting in a bowl on the counter, pantries, freezers, and so on.
Perhaps it's because I'm the cook of the family, but to my mind, if you're in your kitchen on a daily basis, it's incredibly easy to have a strong idea of what you have at home when you're at the store. It's never perfect and once in a while you double up or miss things, but that's life!
I'm not the only cook in my family though. Last two nights I made dinner, but Monday my wife did. I'm not sure who will cook tonight (I need to get my kids to start doing more of that). The result of that is nobody knows exactly what the other person used up.
We do have a shared shopping list. If I remember I'll put things I use up on the list, but often I'm busy at the time I notice because the thing on the stove needs to be stirred constantly... Last night I used one can of beans leaving two more - I didn't put beans on the list, but maybe I should have. Overall this system is working, but it is annoying and sometimes not ideal.