Are you asking about decentralized applications or applications that use various blockchains? Because the two are very different. I still know of no transfer t

Are you asking about decentralized applications or applications that use various blockchains? Because the two are very different. I still know of no transfer technology that is superior to BitTorrent. No better internet protocol than TCP/IP and HTTP. Scuttlebutt is running the best social network. Tor still holds the candle for best VPN. Even Microsoft use p2p technology for distributing OS updates ("Delivery Optimization" they call it). Matrix seems to be gaining ground in the chatting space as well and will be P2P at one point. So no, I don't think it's overrated. I think a lot of applications could actually be made better with a P2P or local-first mindset.