At the time it was overhyped because just by adding .com to your company's name you could increase your valuation regardless of whether or not you had anything to do with the internet. Is that not stupid?

I think my comparison is apt; being a bubble and a truly society-altering technology are not mutually exclusive, and by virtue of it being a bubble, it is overhyped.

There was definitely a lot of stupid stuff happening. IMO the clearest accurate way to put it is that it was overhyped for the short term (hence the crazy high valuations for obvious bullshit), and underhyped for the long term (in the sense that we didn't really foresee how broadly and deeply it would change the world). Of course, there's more nuance to it, because some people had wild long-term predictions too. But I think the overall, mainstream vibe was to underappreciate how big a deal it was.