Definitely overhated. This game is beautiful in so many ways, the lore may not be the best one of the DS trilogy, but it's still nice. For me, this one has the best gameplay, some mechanics didn't make it to DS3 (if it did... yeah, DS2 wouldn't be my favorite lol), some made it to Elden Ring (haven't played it yet, I just heard power stance is in this game), and it's so addicting because of the fun things you can do, discover, or make in this game. My overall personal favorite mechanic of the game AND the franchise is the Bonfire Ascetic, it's very fun and unique since you can do wacky things on NG+ (there's plenty of new stuff in it now). All of this helps the crazy builds you can do, which is what I always do when I play.
The DLCs are so amazing too, entering Shulva for the first time felt like I was on a dream, it's so pretty yet dangerous. The same goes to Brume Tower, even though it's annoying as fuck at some point. And then there's Eleum Loyce. I guess you already know what I think of it. Incredible.
I know, this game has a lot, and I mean a LOT of weak points too. Adaptability is probably the biggest flaw alongside the shitty hitboxes, so rolling feels very odd here. Some bosses are dogshit (Covetous Demon, Royal Rat Vanguard, Gank Squad, Ancient Dragon), their boss runs feels the same too (Blue Smelter Demon almost made me go insane, I am not kidding), there are some areas that are absolutely bullshit, like the Black Gulch (I would say the Shrine of Amana too, but the aesthetic is so cool that I can't help but love it).
TL;DR: There are many nice things about this game, even when people say it doesn't. So please, give it a chance.