But you cant get overhyped if you experience it before the hype builds so much...
Same reason people watch citizen kane or casa blanca now and are like i dont get wats so great.
Once the wave crashes on something innovative on great, its hard to see what was so innovative or great about it anymore. See the argument about sopranos in the "rate the series" thread. Its why great art needs context to appreciate it as great (usually).
Unless you experience the shit as its breaking, its always gonna seem overrated.
That's usually the case for things that are quite older. You use Citizen Kane and Casablanca, the former came out in 1941, Breaking Bad wrapped up not even a full year ago. It's not like Breaking Bad is an old series. Plus after getting caught up, I was watching the episodes as they were being released. You want to know a current program that's overrated? Game of Thrones.
And it is possible to experience something before the hype builds and still find it overrated once the hype has arrived. For example I like this band Wolves in the Throne Room, think they're alright, but then they got a whole lot of undue praise and were completely overrated. And to your last statement, "unless you experience the shit as its breaking, its always gonna seem overrated," that's completely false. There are a ton of older things that I have found now that I absolutely love. Films like Annie Hall or Man Bites Dog, music like Townes Van Zandt, Nick Drake, Tom Waits, etc.