Is the market overestimating 'quality' in this environment?

Been watching the usual suspects, and while the broader market indices are grinding up, I'm finding myself questioning the premium being paid for what's often just labeled 'quality' or 'defensive' right now. It feels like the market's herd mentality is pushing valuations on some of these names to a point where the margin of safety is razor thin, especially if growth starts to seriously falter. Are we just clinging to narratives from the last cycle, or am I missing something fundamental that justifies current levels, even with $Y holding steady around 847.79? Push back if you think I'm off base here.