tbh I'm not sure if this kind of overhyping is that different from what other regions do. NA and EMEA point out their own players as the best in the world much more often, and sure, they got the argument of being the only two regions that won international tournaments so far, but Loud has proved its potential in Reykjavik as well.
It's still overhyping, sure, but it's not something particular of SA and BR