The fanbase is scarier than the games themselves, which are nothing but bunches of gifs strung together into a series. The first three games were released a few months away from each other, which goes to show how little work goes into each game before it's swimming in upvotes cast by fangirls on Steam Greenlight.
Yes, I do think the franchise is overrated. It does a good job of creating suspense, I'll give it that, but everything else is a mess. There's a massive build-up to what's ultimately a single short-lived jumpscare, and after that, there isn't much else to do.
The graphics look like they're from mid-2000s, which isn't even a thinly-veiled jab at PC games developed at that time. It's just lazy.
There's barely any replay value after the first few times. Fair enough, most try again after the first failure, but after that, there isn't much else to see.