I do agree that journalists love the idea of what it represents, but most reviews I've seen/read have been fairly transparent about that; I think that's what MotoMan was saying also.
You never hear the end of folks moaning in C&D, R&T, Evo etc. about how turbocharged, downsized engines are strangling the fun in modern performance cars, how infotainment digitization is prioritized over driving experience, and bemoaning the death of the manual. So GM says - here you go - literally everything you asked for! And of course many will proceed to not buy it anyway and go for the safe choice from MB, BMW, VAG.
I'm no Chris Harris but I do appreciate a good driver's car, and I've driven many. The 5BW is not a safe choice. It has some flaws - but the steering feel is not wooden, the brakes do not lack feel, the wheel control is not terrible ... we're talking about degrees, and tradeoffs. You can dial out the understeer. The manual transmission is fantastic and not an option with any competitor. The sound of the V8 (though 'enhanced' in the BW) is gnarlier than what you get in the BMWs and Audis. MB is going 4-cylinder.
So, is the 5BW "overrated"?
Let's look at the alternatives from this generation. I think the M5 CS is a strong shout for being an icon and the best M5 of all time - but it's an academic point because most of us aren't allowed to buy one, and you still don't get to row your own. For that reason, even in the hypothetical situation where I was a favored long time BMW customer offered an allocation, I'd have to think long and hard about it vs the 5BW.
RS6? Nothing compared to their older stuff - downsized engine, no manual, less feel and excitement. M3 Comp? It's incredibly fast but no one is saying it will be one of the greatest M3s. AMG? It's a four cylinder hybrid. Panamera ... umm... does Porsche even acknowledge its existence?
So, when it came time for me to write a check for a performance 4-door daily, as my other favorite manufacturer says "there is [literally] no substitute"!