U2 is mostly hype nowadays, yes, but they did put out solid material for ten + years.
Hendrix overrated? He only got on the scene for four years before he died. People are going to make him into a legend but I feel that's no more over-hyped than Jim Morrison or Kurt Cobain, and in the end the body of work Hendrix did as a guitarist alone far exceeds either Morrison or Cobain as a singer.