A few observations...yes, people do tend to bring too much onto the plane with them. They try to think of every possible eventuality and plan accordingly. Yes, I guess you could be stuck on the plane, on the runway for hours on end, but in all probability that isn't going to happen. So, bring a book, a few toys for the little ones, your travel docs, your wallet/checkbook, a change of clothes and you're good to go. I always fit whatever I need into a tote bag that fits underneath the seat, and have a bag that stays on my person, across my shoulder/chest during takeoffs and landings. When in the air, it goes on the floor.
For those bulkhead seats, I keep my bag across my chest. I've never been told it has to go above. But, on my last flight to MCO, in August, we were in row 2. The woman in front of me, in row 1, bulkhead seat, had a huge bag with her. A really big tote bag type purse. The FA told her that she would stow it in the overhead bin for her and then get it down for her when they got to cruising altitude.
So..if it's small enough, you should be able to put it across your chest/shoulder. If not, take whatever you have to have out of it (cash, credit card, ID) and then put it above you.
No, you don't 'own' the overhead bin above you. But, I have to tell you...when we were in row 2, I was getting more than a bit nervous about not having room in the overhead for my one bag that would have to go up there. We had all our camera stuff in that bag...no way was I letting it go too far away from me! But, there were a ton of people boarding before us with copious amounts of carryon luggage...I don't think anyone checked any luggage on that flight...just kidding. But, there was one little spot for my one bag when I finally boarded. There does seem to be a number of people who stash their bag in that first one or two compartments, then they move to the rear to their seat..that way they don't have to lug their stuff back and forth, through that narrow aisle.