The way people have been trying to justify his title win makes it sound like he's the best thing to happen to the WWE.
I think the problem is more that you strongly believe that the Miz doesn't deserve this title reign. So the fact that some people strongly oppose your strong opinion, makes you believe that they are hyping Miz more than they really are. They simply disagree with you and have to raise the bar of intensity to match the amount of energy you put into your arguments. I don't think Miz is being overhyped.
But I do believe that he looked incredibly weak in his match with Lawler. If he can only get by on the skin of his teeth against a guy like Lawler, who has lost rather easily in the past to guys like Nexus, Chris Jericho, Randy Orton & Legacy, then how would he fair against Goldust? Evan Bourne? Yoshi Tatsu? These are all guys I'd consider on a higher level of the RAW totem pole than Jerry Lawler. And if Miz can't beat Lawler without Michael Coles help, then there's no way I can believe that he can defeat Yoshi Tatsu or Zack Ryder.
They are going to have to work HARD to rebuild him after this.