Now thinking about it, over-hype as a word (or two) doesn't make sense (if we separate it's meaning from overrate) , since there has to be SOMETHING in that drama that grabs people's attention to hype it, making the hype justified, otherwise, they wouldn't bother to hype it.
It's different than overrating, since here, the rating of the drama may not always be justified, as people have different criteria to rate a drama (i.e: acting, cast, plot, their bias,personal enjoyment(subjectivity), good looks, embarrassing lovey-dovey lines with no plot whatsoever, striving for happy endings because they are too delusional to accept the reality, ...etc), so you can analyze your opinion based on these criteria, proving (by reason) that your opinion is justified (or theirs is not).
Also, if someone rates a drama based on their personal enjoyment (subjectivity) only, that means they know the drama is bad based on other criteria, and hence they somehow admit it's bad objectively and good subjectively, and that means they admit that the bad rating of the drama is justified.
But this argument can not be used for over-hyping, since you can not prove that the hype is not justified because you have no criteria to base the hype on... Unless you consider the attention grabbing ability of the drama, and that in itself is justified.
When a drama doesn't meet the expectations or the hype, that makes it overrated, and not over-hyped (because the hype is justified).
TL;DR
You have the right to say something is overrated because you can prove it, but you don't have the right to say that it's over-hyped since you can't prove the hype (or disprove it).
And that makes this thread invalid (including every answer in it).