Overrated would be a bit of an understatement. The "steel mania" that has overtaken the knife industry over the past several years is more related to fashion and marketing than to knives. On the plus side, though, it has helped fuel increased interest in knives and has helped the industry grow. That's a winner for everybody. When the industry grows there are more consumers, more manufacturers and more products and that means more options and more value. So "steel mania" isn't necessarily a bad thing. Anytime folks work at improving a product everybody is a winner even if the improvements are small.
From a personal perspective, though, you should understand that the differences between most good cutlery steels are subtle at best and always fairly minor in terms of the functionality and use of a knife. As an example, we got a return here just yesterday from a customer who was upset that the knife he received was made from ATS-34 instead of 154CM. The only meaningful difference between the two steels is the country of origin. The minor differences in the composition of the steels is meaningless and the performance difference is roughly zero. So "steel mania" can be carried to extremes.
Lastly, all steels are a compromise. I see people above saying this is better than that which is again better than another. That's just not true, unless you choose to judge by only a single parameter. Everytime you improve one characteristic of a steel you generally cause another one to be degraded so it makes little sense to me to rate one steel against another without stating which parameter is being discussed. But it happens all the time.
So, it all gets down to fashion as I said in the first place, I guess. The newer the steel, the better it is, right? Take care.