Depends on the metric. Some focus on being predictive, some are descriptive and reflect resume strength.
Most of us believe UConn is underrated in the predictive models due to our injuries this year. Most people seem to agree which is why the Vegas lines have been moving towards us after opening lately. Injuries are very hard for models to correct for, because the sample sizes are so small and basketball makes it hard to separate individual players abilities from their teammates. So most models don't really account for it, and sometimes the effect is actually pretty small.
Most people also believe Alabama is overrated because of their disparity in play against higher and lower level opponents. Usually teams that kill bad teams are actually pretty good, and when they play better teams the scoring margin holds to some degree. Some teams are exceptions, though. Alabama certainly appears to be one.