When Lennon said that the Beatles were "more popular than Jesus", it was literally an arguable point. They made good music, but it wasn't worth the level of public obsession they enjoyed. Nickelback is notoriously bad, and all the memes say how much they suck, but there was some good music in there and even some of the bad music they made is good if you're in the right mood.
But I think one of the most correctly rated bands is Metallica. I very rarely listen to them anymore, but when I read something saying they were overrated? I mean... nearly every rock station in America for almost two decades had some version of "Mandatory Metallica" where they'd play three songs back-to-back every night. It took rock fans two decades to tire of them enough for there to no longer be the market demand for such repetition.
This wasn't because rock fans are traditional and resistant to change, which is ridiculous on its face. It's because Metallica was (in the eighties), that good for their genre, and it took that long for the schtick to get old. The band couldn't possibly come even close to living up to their prime, but it was a fantastic run fueled by actual talent.
What are some other "correctly rated" famous bands?