Overrated

White Women - Sure, I've been with more than have most white guys - but if we use the British woman as our starting point... yuck!.
Since most white people are often Anglophiles, this is the best starting point.
Since, at some point in time, Italians, Russians, Jews and those of Mediterranean descent were viewed as "other" - we'll go with the Brits as being our "White" model.

Among the problems with British women;

Pale Skin - Most would burn before they would get a really nice tan.
The lack of Vitamin D would add to their problems with calcium loss in their bones.
Who wants a hunched over woman with a broken hip?

Bad Teeth - Maybe this too is caused by the lack of calcium in one's bones.
But the simple answer is; C.R.E.S.T..

Terrible Bodies - Sure, I like big tiddies too - but I'd like some body to go with them.
Except for Mel B - which Spice Girl had a nice body?

Pie Faces - Unlike the strong jawlines and height of their Scandinavian cousins, the smoldering eyes and full lips and flowing hair of their Mediterranean cousins, or the cute noses of their Icelandic cousins (The Brits have either long dog noses or crushed pig noses) - British women lack any desirable features.

It would seem that the Anglos had to add a bit of "other" to their gene pool to compete with others with more desirable features.
The most overrated?
White women.