I am going with overrated. I think as someone gets better (say like better than 15 handicap) then it may become underrated, but for the vast majority of the golfing population I would say it is overrated as golfers just aren't making solid enough contact. The cost doesn't provide enough value for them I think.
There's a few golf courses I frequent that the designer(s) left most of the natural lay of the land untouched.
The only things continuous were the cart path, irrigation, and electrical stuff..
They would build, separate, smaller tee boxes on each hole to accommodate the various handicaps.
After the tee boxes, they built large landing areas in between forced carries over the natural landscapes.
The last landing area on a hole was it's green.
Essentially all the landing areas were islands, without the water.
I always thought this was a smart, less expensive way to build a golf course. I never could see why a golf course needed to have full fairways from tee to green on every hole