I like the way Rick makes fun of a lot of D&D rules in the Rick & Morty module including spell components. "No one is keeping track of pinches of dust and clumps of moss. Don't be that guy, Morty. The Dungeon Master will tell you when a spell's got ingredients worth shelling out for. The rest is just doing cool hand symbols and saying BLADOWIE!"
Myself, I have a hard time imagining how spell components would work in the reality of the game. Like people just throwing money into the air and that somehow becoming a spell. IMO, that's alchemy, not magic. Components also make no sense for a Sorcerer since they are supposed to be inherently magical. IMO, powerful spells should already be balanced because of limited spell slots – there's no such thing as an infinite use of these powerful spells.