Sanket, I believe there are two views surrounding that belief. First would be to have lots of content. The other would be having unique and quality content. I personally believe it is a good belief. Content is definitely king. However, I don't believe that having lots of pages with spun re-reverberated garbage will do any good. The later idea, quality content, is king.
Not long ago, I watched a Google Developer video expanding on ways to improve a page's content. Ironically, it's not very hard with a modern website. They suggested allowing visitors to interact with commenting. Shallow content, along with commenting, could definitely fine-tune and evolve. I think that saying, less says more, could be a strong philosophy for writing. Especially when visitors can leave comments and develop a page better.