I always found Ranbir to be an actor who is extremely invested in his craft. He's someone who doesn't take the audience for granted, despite being a nepo product.
Look at his filmography, and it's studded with gems. Right from Wake Up Sid to his latest Sanju, he has excelled time and again with exceptions like Besharam of course! Be it Barfi, Rockstar or Tamasha, he has poured his heart and soul into each role, leaving no stone unturned in blurring the lines between art and commerce.
So to answer your question, no he is not overrated. Looks are subjective, I find his persona very attractive. And his acting makes you forget his looks anyways, it's that powerful.
Second only to Rajkumar Rao in this generation in acting and more of a complete package than Rao, he surely deserves to be numero uno among actors of Gen Y.
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