I dont think anyone is overhyping him anymore and if he got a 5 year deal, K-Love cam still get one.
I definitely overrated his importance to the team because even though he's been surrounded with better talent and more shooters, its made his offensive game worse. When playing with the shyt squads we had the last couple years I dont think teams really cared what Rubio did offensively because the team around him wasnt good enough.
Now that he's the obvious weakness on the offense, defenses know it's him and 4 people who will try and score. The floater can save him i think. He's not strong enough to take contact from bigs and finish but he is 6'4 so its not like he's small. He can get into the lane buy he rarely looks for his shot there so bigs aren't coming towards him knowing he is looking to pass. If he develops a floater and cam get 6-8 points from the FT in, he'd be fine. He'd stop trying to make those shytty mid range shots and hopefully stick to driving and shooting 3's.
Nobody thinks he's an elite PLAYER on his own, but having a PG who can move a defense like he can with his vision, passing and creativity combined with good instincts on Defense is very valuable and more than most starters bring. He isn't young enough anymore to assume improvement, but i don't think this is his plateau.