Overrated for what? Gotta be more specific. Within design parameters and intended uses, overrated is fairly easy to gauge **cough**HK**cough**. But you have to have an apples to apples comparison.
Seems as though you consider EBR and AR-15 to be synonymous. I submit to you that the "Evil Black Rifle" consists of basically any autoloader that is patterned after or derived from modern battle rifles or assault rifles. AR-15, AR-10, FAL, G3, SCAR, etc.
When you widen the scope, there are different attributes and detractors. The things you mention apply to the AR-15, but not necessarily others in the EBR genre.
I will agree with others, though, that generally speaking, the EBR class does not make especially good hunting rifles, save for varmints with an accurate AR-15. Their primary advantages are of no use for big game hunting, so you end up with a rifle that is heavier and likely less powerful and less accurate than a good bolt gun. Could I hunt elk with my AR-10, FAL or G3? Sure. But I'd absolutely rather carry my 700 BDL 8mm Mag that is 2/3 the weight and has near twice the power.