He probably is inflated a bit, but the thing is that in modern times, the difference between any of the top 20 players and the WC in practical terms is almost nil. That is not to say that Carlsen is "nothing special" he is indeed the best of the bunch for sure- but by how much in any given moment is indeed exagerated and overestimated.
someone said that carlsen isn't anything special and the only reason he got a high rating oppose to the 2600 and 2700 players is that he constantly plays high level tournaments that inflates his rating