I'll take it you meant "overblown" instead of "overrated". And no, that's not the case. We actually are incredibly offended by it. We see dives as part and parcel of corruption and as a "more serious situation".
I love soccer and I'd love to see more of it in North America. All the diving to the ground and "oooh my ankle" crap makes it look to people here like a sport full of unnecessary drama. If disincentives were added so diving didn't pay, the game's reputation would be much better imho.