No, I would not say that praising powerful, talented and attractive people is overrated. It's all about what makes such thing overrated.
Journey to The West is a really great example of an "overrated" main character named wong Kong who is praised by his fellow comrades time and time again. However, these interactions aren't done because of the sake of complimenting someone, it's to convey that someone should be proud of their ability but not let it fuel their ego. It's a balancing act that he should maintain for the rest of his life.
The crazy thing is, this story was retold more times than any folk tale I've seen. Akira Toriyama took that story and made Dragon Ball.
So, something that is overrated today is something to retell in the future.