I guess it depends on what kind of hype you're talking about. There's always unreasonable levels of hype for major media. Like naming my child because I base my life around this one facet of media kind of thing right. That is almost guaranteed to eventually not payoff.
But reasonable hype of just being excited for a long running franchise that you typically enjoy can be okay. Like another comment has pointed out, stuff like Breath of the Wild, From software games (in most cases), Witcher 3, larians recent works with divinity (and their current effort with BG3 so far) all shape up pretty well compared to the general hype around them and could even be argued to have surpassed what was expected. I'd say Persona 5 not only lived up to the hype as a successor to 4 it also grew the fanbase as well. Obviously no franchise or creator is infallible though. And I think that's where the problem comes in. Eventually people get burned because they only care about the title and don't evaluate the games on a case by case basis.
If you look at Cyberpunk as the obvious current example, look at the number of people who swear to the moon and back that CDPR is gods greatest gift to the game industry just because they made the Witcher 3. I can't think of anything I'd look at and say, well you did great that one time so you'll never fail me again. That's just a bad idea really.
And as weird as it is to say it given how popular it is now, I think a good number of marvel movies would be good examples of movies that surpassed their hype and lived up to the hype as time went on (for people who are heavily invested and don't tire of it at least). They obviously exploded beyond what people expected. And I feel like it's safe to say that for most people the wrap up of the first chapter with thanos and sending off the OG roster lived up to most expectations. Or at least didn't massively disappoint most people.
Lord of the Rings also seems to have fairly good status as a trilogy to this day. Less so for the hobbit obviously.
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