In a sea of garbage that has come out since the start of the 21st century, this is a gem.
I went and watched it on New Years Eve and throughly enjoyed it.
The reason something like this is over rated is because it's a film and not a movie (there is a difference). A lot of people don't dive deep into films at times, due to the pacing, they lose interest, don't get it, or it's too artsy. But when they see a film and can appreciate what is there, they will rave about it.
You either like Eggers work or you don't, not much in-between.
One thing that can be said about his films, he doesn't conform to today's standards of injecting demographics into his time period pieces that wouldn't culturally make sense (regardless if it's a fantasy or not). You can tell these are passion projects for him, he thankfully isn't pressured by the producers or studios to make these films all inclusive.