Yeah, it kind of is. The SEC is great at the top, but its bottom feeders are just as bad as the bottom teams in many conferences. And let's be real. Most of the damage in terms of national titles has been handled by Saban (5 titles). Tennessee has been irrelevant for almost 15 years (since we're going back to their title in '98). Auburn is hit or miss; they haven't strung together multiple 9+ win seasons since 2004-2007. LSU is always very talented, but they haven't been untouchable. Florida has been mostly "meh" since Meyer skipped town. The Mississippi schools and Arkansas have been solid lately, but nowhere near elite. Georgia has finished unranked in one or both polls in four of the past seven seasons.
It's been a very tough conference, no doubt. But you'd think that the fifth-place team in the SEC East could win any other conference, the way the league was hyped up for all those years. It was nowhere near THAT good, which is the definition of being overrated. You can be overrated and still be the best.