96.2% of the time (made up internet statistic for the day), people ignorantly use the term overrated as a synonym for the wrestler sucking in their opinion, and in this scenario you definitely have a strong case for feeling the way you do. Random internet smark saying that Ricochet is overrated tends to mean they think Ricochet sucks because he does a couple flips here or there, or they saw the clip of him with Ospreay (who, unrelated, i feel actually DOES suck) and went into autohipster mode to say he’s overrated as a way of countering or belittling the popular internet opinion. Much like you described.
Very few will actually use the term correctly, or at least mean it as such. When I say Kenny Omega is overrated for example, people give me a lot of shit for that. Or a few years ago, when I said Daniel Bryan was overrated. It’s still subjective as you mentioned, yes. But I mostly only meant that in the literal sense. Is Kenny one of the best in the world right now? Fuck yeah. Can he possibly live up to the amount of hype that has been put around him or the credit given to him? I truly believe he cant. Not because he’s bad. But because the hype at this point more or less exceeds the level that any human can achieve. Same goes for Bryan a few years ago, and I was saying he was overrated even when he was probably in my top 3 wrestlers in the world.
Tl;Dr yes it is a subjective word, and no people generally don’t use it properly