I don't think you'd take him over a handful of players in the EPL, but he's playing better than most of the rest.
I don't think it would be hard to take a few of the injured guys over him (Laporte is better, and Rudiger can be better though I think it's close), and generally, I think you'd take Vertonghen or Alderweireld over him, though right now Matip is in better form. I also think Matip's step up play and distribution fit better to what Liverpool want to do.
That said, I've felt he was massively underrated, and in general has been good value for what Liverpool paid. But playing next to Virgil has to be easier, along with some of the consistency in the backline that other clubs don't have. His potential dips in form would make me pause, but right now, he's keeping Gomez out of the lineup with ease.