And I think tumblr sees overvalued = bad, which is hilarious because tumblr fandom overvalues everything.

God, this! They're very binary about things, and when something gets overvalued, it's seen as moving it from Good to Bad, so the same people who were praising it through the skies when they realized it had good qualities are suddenly declaring it cancelled because...it has flaws! Like there's a whole range of opinions other than "This is perfect, what's wrong with everyone that you're sleeping on this?" or "This is bad and you should feel bad for liking it"!