This is a very interesting thread. I agree with what
@tarheelhockey said in that there has to be a difference between a group not striking the right chord with you and actually being overrated.
I'm not a big Bruce Springsteen fan. I just don't get it. But he's sold a lot of records and influenced a lot of people.
Overrated is a very general thing. Do you mean like technically they weren't very good players? Or just you find them boring? Or do you think people kiss their behinds ("cough" Weezer "cough") when they're simple or boring?
Two bands I'm going to defend as I don't get how they fit the above criteria are Led Zeppelin and Nirvana. Led Zeppelin hit all the checkmarks. All those guys could play, songwriting, hit records, changing the genre. I mean, you literally have 1/3 of the origins of hip hop with John Bonham beats being sampled (James Brown, Bob James, John Bonham).
The whole "oh they ripped off blues musicians" that's a weak argument. You can make a case for parts of the first three records, but by the time they got to IV, that was mostly a thing of the past. The Beatles ended, Hendrix, Morrison, and Joplin all passed away. Led Zeppelin, The Who, and The Allman Brothers were essentially the three biggest bands in the world in the early 70s.
If you take one thing away from this post here's this: the most "controversial" young rock band now Greta Van Fleet takes a lot of crap for sounding too much like Zeppelin.
Nirvana...y'all must be young. I'm in my late-30s. They literally changed music overnight. There was before Smells Like Teen Spirit, and after. Any of the 80s residue was finished by October 1991. Kurt Cobain was not Yngwie Malmesteen, but he was a songwriter. You can make the argument that Nirvana finished what Jane's Addiction/The Pixies started, but in some ways Green Day was in the right place right time and took over for Nirvana not musically but figuratively (catchy trio who can write great hooks). I do agree Dave Grohl's media presence the last 3-4 years is too much. But you can't take away what he did with Nirvana.
So back to over and underrated, I'll take a crack and explain why.
Overrated:
-Dire Straits (other than Knopfler musically uninteresting and they only had two big albums the later was over produced 80s)
-Huey Lewis and The News (other than being a joke in American Psycho, they had like three hits maybe?)
-Hum (I actually like them and their new album but they fall into the Weezer category for me. Not enough material that was influential. Too few albums).
-Jimmy Buffet (is he even rock?)
-Stone Roses (One excellent and one very good album, but that's it. And Second Coming is essentially the musical version of Ghostbusters II/Predator II where it's 50/50 the fanbase will write essays defending it, or thinking it's nonsense).
-New Year's Day (one good album with a lot of potential and they turned it into a Hot Topic industrial meets trap featuring only the lead singer who is not particularly strong).
Underrated:
-Duran Duran (they get labelled a boy band when in fact they are all very talented musicians and have enough material to back it up in every decade)
-Converge (maybe the greatest hardcore-crossover metal band of all-time)
-Roxy Music (not big in the States)
-Rory Gallagher (success everywhere even in the States during his day but seems to have been forgotten)
-Harry Nillson (songwriting hero)
-Sparks (how long have the been around?)
-Killing Joke (besides being extremely influential, they had a lot more commercial success even in the 90s than people remember).
-Cornershop (Brit Pop heroes that do have a large body of work).
-Killswitch Engage (the poster child for how to be a successful band in the post MTV Era).
-311 (they have a lot more fans and a lot more hit records than meets the eye).