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Something can only be overrated based on your own expectations. But usually, what people call overrated is nothing more than something that is the cup of tea of a majority, but not theirs.

If a majority of people greatly enjoy something, then it's not overrated; it's a consensus of highly positive views.  The word "overrated" is thrown in the mix when people need to piss on something they feel insecure about for any silly given reasons. XD