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I am like you and that I like words to have specific meanings.
“Overrated” has to mean that the current rating is too high and should be adjusted, and those making such a claim should be prepared to prove summary bullet points.
I think the 50th Academy Awards nailed it. Not best picture. No actor awards. Best sound, best music, best costumes, best art direction, best special effects, best editing.
Outside of that, it was a great homage to Saturday serials that played at movie theaters in the 40s. Just like European orchestral classical music sometimes elevated peasant folk songs into a higher art form, Lucas did similar for those old short black and white kids movies my dad told me about from his childhood.
So, the first one, in my opinion, is not overrated. It’s rated just about right.