Bleach isn't as bad as One Piece in the ceaseless time-wasting department, I spent yesterday getting caught up on the anime - you're lucky to get ten minutes of anything, let alone a progression in the plot, the excessively long op/ed along with a meaningless 4 minute review of the One Piece plot, and another few minutes spent on the specific action of the last episode - it only took me three hours to watch 22 episodes. Nevertheless Bleach is getting worse with it recently during the Espada arch, I'm hoping the new season will be more progressive.
Bleach is all about style, about cool lines delivered at the right time, and some thoroughly entertaining fight sequences - it's not really trying to be more than it is.
All Jump series are pretty much a cookie cutter affair, with the exception of their none battle manga like Death Note, Sket-Dance, Gintama, To-Love-Ru, and Bakuman - a simple plot, colourful characters and lots of action for mind numbing entertainment, they're all fairly high in quality in terms of production value, and for the most part attempt to please their target audience of early to mid-teenage boys as best as possible. Which is why they're intensely popular, and I suppose that could lead to perceptions of being overrated, it's also why they don't shut down when they run out of material, they can get by on fandom.