Yes, you can recycle plastic. Yes, its complex due to different types and grades of it. The only responsibility of the consumer is to put it into the right bin.
Yes, the corporations creating plastic products should do more. It doesn't have to be financially feasible to recycle it, It needs to be ecologically feasible and companies producing plastic products should pay the recycling toll.
We can also just burn it for energy like we do with tires... I recycle it like a good little cog in the machine because even if 5% of it gets back into product and not into my penis, is a win.