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That's completely subjective to your opinion. There is no doubt that they were influential in the early 90's. They made way for a lot of bands like Alice in Chains, Pearl Jam, Soundgarden, Mudhoney, etc. I do agree that they are slightly overrated, but what band in this list isn't?
I find a lot of their stuff listenable and catchy. Smells Like Teen Spirit being the least of them.
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Their sphere of influence does not compare to the likes of the other bands. They may have popularized grunge/alt rock but that's nothing compared to creating/reviving/shaping entire genres. Bands like Black Sabbath and Deep Purple helped shape rock and metal in general. That's big.
Elvis would probably get my vote. I don't know why but there's something about a man shaking his hips in a time when it was frowned upon that strikes me as game changing.