What does your bugout entail? This will help decide what is really needed.
Things I see people go way overboard on for a Bug-Out Bag:
1.) Guns and ammo. Carry your EDC, and maybe a few spare mags in the bag. Rifles, shotguns and hundreds of rounds? Sure if you are headed to the cabin in the woods and have to defend against looters. But that's an INCH plan, or a Bug-IN plan.
2.) First aid. Seriously? How much Kerlix do you use in a year. You aren't carrying all the med supplies for the rest of your life. Any prescription meds you need, basic pain relief, stuff to make you poop/stop pooping, basic triple antibiotic, small bit of soap, tick tweezers, few bandages, and maybe enough gauge/Kerlix (or the PriMed)/surgical tape to cover a large laceration. Moleskin, SAM splint and an Ace bandage if you are going to be walking over harsh terrain.
3.) Food. 3-4 days, even a week. Bring lifeboat rations 2400 Cal/day. You won't die or seriously suffer from lack of vitamins or other malnutrition in a few days to a week. They require no prep. If you are worried about nutrition, bring a bottle of multivitamins with you. If you succumb to "diet fatigue" in a few days, you don't need to eat bad enough.
4.) Tools. It may be cool, or may be real nice to have if you really need it, but crow bars, FUBARs, etc? someone else said it: a good folder and a multitool with do just about anything you need. One flashlight.
Stuff I see ignored:
1.) Clothes. For a real bug-out, do you really think you're going to wear combat uniforms all the time? Again, bug-out, not INCH, not end-of-the-world. Have two sets of durable work/casual wear clothes (one set you wear), and one set of decent clothes. Not a suit, but a decent pull over or polo shirt and semi-casual pants. Why? Because people are much easier to deal with when you look like an upper middle-class person and not a refugee or bum.
3.) Hygiene. On that note, you also need to consider hygiene. Not just soap to wash with, but keep some deodorant and a grooming kit. Facial hair is one thing, a "bum beard" is another, People react very differently to each.
4.) Spare glasses. If you wear spectacles, get a second pair and a hard case. Get sunglasses, prescription or not. Sun can be real hard on the retinas.
5.) ID packet. In the political climate we live in (sorry can't ignore this), you need to have ID. Driver's license, or State ID, SS card, maybe even a certified copy of your birth certificate and passport (if you have one), copy of your concealed carry permit if you have one, perhaps even a second credit card. Not ID, but you may want to have a paper with important names, numbers and addresses in it.