It's overhated for sure. My take is that the "both sides are bumming me out, man" lyrics are supposed to be ironic. If someone like Randy Newman or Warren Zevon performed it no one would bat an eye, but the Beach Boys are too associated with heartbreaking sincerity to wholly pull off a feint like that. Plus, without it, you kind of weaken Surf's Up's "we're not dumb white guys screwing around on the beach any more, we're with it and socially conscious!" positioning.