Yes, I know King Crimson and it's no wonder they were underrated (if with "underrated" you mean commercial success). Their progressive music was way off mainstream. Like all influential bands or artists, King Crimson were never underrated in critics' books, by the way.
There were and are thousands of bands and artists which are commercially not so successful, but each of them has their fanbase.
Japan came to my mind when I read the OP. I never really liked the band's music (too exalted), but when they split, each of the band's members created great music solo and in collaboration with each other and other musicians, especially David Sylvian (who worked with King Crimson's Robert Fripp on several occasions).








