I believe I saw something indicating it's around 100 million -- but the folder simply won't open in that amount of time if you've *added* that many docs at once.
As others say it's likely there's an issue with duplicate names for the $Inbox alias. There are plenty of ways to check this, with varying reliability.
I'd say try to find it per Designer, and rename the duplicate if you find it. Remove the alias if it's an aliased folder or view.
If you don't find it, access control can limit the visibility of views & folders. To make absolutely sure there are no false negatives, you'll need a look at the design while in Administrator mode.