I disagree - I don't think Nirvana is overrated at all. They managed to make grunge accessible to the masses without watering it down, opening up doors for countless other bands.
I think the same phenomenon occurred (to a lesser degree) with the White Stripes - they were partly responsible for reviving garage rock, and while they opened a floodgate for shit bands, they still make decent music that just happens to be universally appealing.
To reiterate what someone said earlier, just because a band is popular doesn't make them shit. I think the above two deserved their kudos.
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