I think "overrated" is a highly relative term. To me "overrated" means someone's experience did not rise to the general level of they have heard from others. I think for something to be overrated means that there must be generally high opinion of it to begin with, which makes sense for a Disney resort.
I'll use myself as an example. I first went to Aulani in summer of 2014. My daughter was 1. I may have taken her to DL for one day prior to the trip but we hadn't quite caught that bug yet at the time (that came later and hit me hard). I had never been to WDW or
DCL before then. We paid cash at the time and got some sort of a discount; I vaguely remember a night was about 400ish, which is one the pricier end of an Oahu hotel but still reasonable. When I went I had literally heard nothing about the resort and it was my first time at a Disney resort, and my experience was amazing. The beauty of the resort and the Disney customer service was amazing.
My wife and I had gone to Hawaii multiple times to multiple islands prior to that trip so I knew what to expect from Oahu. Aulani actually made Oahu enjoyable again as I had only stayed in Waikiki before that and did not like it. It was nice to come back to a more relaxing part of the island after a day of doing Oahu activities. As a matter of fact I would say that Aulani is the ONLY reason I've gone back to Oahu as I much prefer Kauai and Maui.
My subsequent pre-Pandemic trips have all gotten better. Going back with two kids I was able to take advantage of Auntie's beach house which was a huge factor as alone time without kids is hard to come by for us. Put on top of that I bought DVC and am able to stay there on points sweetens the pot even further, and that was just in a studio. I have yet to experience a one bedroom villa. I had also since stayed at the Grand Wailea in Maui and while it was a very nice hotel the whole time I was there I was wishing I was at Aulani. It just didn't have that touch and warmth, from the customer service to the architecture.
Fast forward to now I haven't gone back to Aulani because I don't want to be disappointed knowing all the things that are missing, esp Aunties. The Covid restrictions in Hawaii cause me anxiety and I'd rather wait for all that to be over. I can imagine someone who goes to Aulani now would think it's overrated after hearing all the pre-pandemic trip reports. I also think anyone that has experienced other Disney products before, like DVC or DCL, could find Aulani "overrated". There is no Disney bubble at Aulani and there isn't a whole lot to do at the resort when compared with WDW or DCL. They're comparing a Disney resort vacation with a Hawaii vacation while staying at a Disney hotel, which are two different things in my book . I always tell ppl that Aulani is a really nice hotel and not a true resort. The exponentially increasing prices don't help for anyone not staying on DVC points or without a steep discount.
All in all, even as someone who thinks of Aulani with rose tinted glasses I think there is PLENTY of room for someone to think it is "overrated" and I want to validate the OP's opinion that no you're not crazy for thinking so. It's a hard thing to admit but I see it as an overarching trend for the Disney company altogether, but that's another long winded post for another thread.