Yes, I do think that Christmas has broke away from the real reason that we have it, which is to honor a day in our religion that was very important. Now though it is focused all on the gift giving and not about the real reason of the holiday we have.
The main reason for Christmas was always to celebrate the birth of Jesus Christ and how that would allow people to be humble and give to one another. But in the world we live in today Christmas is centered around Santa Claus and obligated giving from a secular standpoint which is not the true meaning of Christmas.
I'm happy that Christmas isn't about worshipping one god. Children would be convinced with toys to do whatever the Bible says, even killing their best friend, who isn't a Christian. Christmas boosts the economy. People buy all sorts of things, from home decor to legos to ham. It also makes children happy, and reinforces good behavior.
The idea that judging the overall sentiments of a holiday rather than looking at how individual families and communities celebrate a holiday is misguided. Christmas may be too secular for some, but they are not forced to partake of Christmas, nor are those who are secular forced to attend church services. If some are commercializing Christmas and you don't like it, then don't do it when you celebrate Christmas.
I don't think there's such a thing as Christmas being "too secular." Consider that the holiday is well documented as being stolen from various European religious traditions by Christianity, including Pagan. If anything, the festivities around that time that don't support the arbitrarily decided upon birth date of Jesus are truer to the original events.
It is often thought that Christmas is a Christian holiday, but this isn't the case at all. The traditions of Christmas predated Christianity by at least 1,000 years. Christianity, when it took the world over, also captured Christmas and renamed it. But this tradition has been around since paganism, and is one of the most secular celebrations the world has ever know.