I think I understand what you're trying to say, but I don't think what you've actually said is correct. I'm a >senior engineer at a FAANG and have been in the software game for more than ten years now. I definitely do not feel overqualified for my job, and I don't know anyone else who does. Or, at least, I don't know anyone who actually is by their demonstrated skill at their work. I guess I can't know their internal feelings unless they tell me.
What I can agree to is that the job has significant challenges that a CS education does little to prepare you for. The interpersonal challenges. The challenges of designing large systems, forward and backward compatibility, the interaction of business and technical priorities, deployment, production safety, etc. And it makes little use of a number of skills that were very important to CS performance. I can tell you I've used zero graphics programming knowledge, little of my compilers course, very little of what I learned in my networks course (despite that I'm regularly called upon to write programs that communicate over the network). I've written exactly one proof since I started my professional career. In that sense, my CS program over-qualified me for the work. But I think it's more accurate to say that I'm differently-qualified, education-wise, from the field I'm actually working in.