Knives only do two things: 1) they cut stuff, and 2) they make us feel good.
Every knife cuts stuff pretty much the same. A Delica peels an apple just like a Sebenza does. Better, in fact.
So all of this stuff about framelocks and titanium and ball bearing pivots is largely relegated to the feel good category. We act like its performance-related, but its not. Titanium doesn't affect performance, except making the knife heavier, colder and slicker than FRN. Ball bearing pivots are fun, but they don't have a dang thing to do with cutting.
So, when we ask if a folder is overrated, what do we mean? From a cutting perspective, just about any knife over $65 is overrated. Hinderers don't slice better than Enduras. But if we are talking about overrated from a "feel good" perspective, that's so completely subjective that we can only make that determination for ourselves.
If you say a Hinderer cuts 10x better than an Endura (to justify its 10x price), I say horse feathers. But if you say that the Hinderer makes you feel awesome, and makes you forget that you'll never date Kate Upton or walk on the moon, then who I am to debate you? Your feel good stuff is none of my business. I can demonstrate that CRKs, just as an example, don't open mulch bags any better than a much cheaper knife with similar edge retention. But I cannot tell someone that a CRK doesn't make you feel awesome. Only you can decide what you like.
So, folders can objectively be characterized as overrated if you are looking at performance, especially price vs. performance. But we can't say that a particular knife is overrated when it comes to feeling good.