The other aspect of this that I see, even in seasoned engineers, is the 'presumption of simplicity'. Some things look really simple, but inside they are actually quite complicated. A smart phone is just a screen, a computer, a battery and a radio right? Too many times people see something, think "that doesn't look too hard I bet I could do that in a weekend"[1] but don't actually follow through on that thought and spend a weekend building what ever it was that was so easy. Sometimes the more experience you have the more dangerous this is. I can recall times in my own life we're I've grossly underestimated the difficulty of stuff, its lead me to be a lot more conscious about things I know about and things I think I know something about, especially when predicting schedules and work effort.
[1] A very common theme on acquihire stories here.