Personally, I don't think the game is overrated. The game has amazing and lovable features that leaves you no choice than being glued to your Play Station.
Dota 2 is a free-to-play multiplayer online battle arena video game developed and published by Valve Corporation. The game is the stand-alone sequel to Defense of the Ancients (DotA), which was a community-created mod for Blizzard Entertainment's Warcraft III: Reign of Chaos and its expansion pack, The Frozen Throne. Dota 2 is played in matches between two teams of five players, with each team occupying and defending their own separate base on the map
Many people seems to forget that power tread is an active item, not a simple stat item. But before that let me compare every other boots in game against your argument, “it become practically worthless in late game
Phase boots : Give 24 damage and phase active, giving extra movement speed and let you become collisionless for some time
Arcane Boot : Give extra mana and an active that give an area refresh of 150 mana, basically worthless in late game because everybody throwing spell with more than 300 manacost anyway.
Boot of travel 1 and 2 : Massive movement boost and the ability to be at creep and heroes at level 2. Definitely useful in late game.
Guardian greave : mekansm + arcane with reduced cooldown, very hefty item.
Now on to the power tread, it becomes a favorite item for carries who have limited mana pool because of the technique “tread-switching”, which is basically changing the tread type to what you really need at the immediate moment.