From a storyline and lore perspective, yes, Panoptes was underrated. From a gameplay perspective, I get the hate. Personally, I had no issue with how that encounter went down, but I do understand where the backlash came from given the lack of interaction the player has with Panoptes, and vice versa. Same with Xol. As someone who never Raided, fighting Xol in a story mission/Strike was fun for me. But considering that Xol was a Worm God, I get why everyone else was so upset by the encounter. Lore wise, fighting Xol should have been a much bigger deal.