I do root for them as I have a close friend whose sons play/played there, but they are not my favorite by any means, I'm a LC boy through and through, but I don't have much ties to the program anymore.
I just don't think they are really "overrated" and I think your hate for them is pretty unwarranted. Since Shanley has taken over they've beat Westfield, Noblesville, Lawrence Central, Crown Point, smoked Avon last year (who beat Ben Davis the next week), almost beat Chatard this year, and came within 2 points of beating FW Carroll in Regionals (who beat HSE next week en route to a state appearance).
Are they better than most of those teams on a yearly basis? Besides Noblesville, probably not. But they are pretty solid dude, I really don't know why you dislike them so much. They play a crappy schedule obviously and have very few chances to compete against high-quality opponents, but thats not their fault.
And for the record, in regards to your 5a rankings, I think New Pal and Cathedral would beat them, likely Merrillville and maybe East Central too. I see Concord as a toss up and would favor Jeff over Plainfield and Bloomington South (who have no good wins just like Jeff).
Their game against Chatard is free on ihsaatv, go watch it if you'd like.