Why would I put myself into debt for people I don’t even know?

My SO and I got engaged within the past 6 months now it’s the family tradition and to set a date immediately after becoming engaged and setting it for a year prior. I have a very small family, I mean I have 6 people to stand by me. That’s friends and family. His mom has a big family and she has a lot of friends, totalling about 120 people... I’ve never met most of them and the few I have met, I met once in four years. I DONT want to pay what it would cost (16000) for open bar, and to pay for all those people that I don’t even know to be at my wedding.... IVE NEVER MET THEM nor do we have even close to the means to pay all that money. I wanted a small, intimate wedding that wouldn’t leave me in debt for years. It’s not about them, I just wanted it to be intimate as it’s about my SO and is taking the next step in our relationship... is this outrageous for me to put my foot down to this?