Many different factors:
*That he was supposed to be the best QB prospect in forever and has generally played well definitely plays a role.
*That he turned around a 2-14 Colts team into an 11-5 Colts team in his first year definitely plays a role.
* That the Colts have gone 11-5 and made the playoffs every year he has played definitely plays a role
* That save for a few guys (Davis, Castonzo, Hilton, Mathis), none of whom are even remotely in the conversation for being a top player at their position, save for Luck the Colts don't really have any players that the rest of the league envies definitely plays a role.
* That last year he led the league in TD passes and was #3 in yards (really hard to argue that he wasn't better than 2/3rds of the holy trinity of Manning, Brady, and Rodgers) definitely plays a role.
* That he does a lot of little things very well that almost all young QBs usually aren't good at well definitely plays a role.
* That he's easily the most complete QB of all the young QBs definitely plays a role.
* That the hangup for him is turnovers, but most experts don't just look at end of year stats and look at int. RATES (for which he was 27th in the league, right there with Manning) definitely plays a role.
*That professional analysts aren't all Seahawks fans and don't have a weird hangup about Andrew Luck and/or implicitly believe that complimenting Luck's ability somehow takes away from Russell Wilson also plays a role.
:th2thumbs:
EDIT: FWIW I also find the argument about his division to be really shallow. Like everyone else he only gets to play in the division and schemes he gets to play in. It's like saying Sherman is overrated because he's protected by ET3 and doesn't have to shadow, or Wilson is overrated because of the Hawks D and Lynch. If someone doesn't like those arguments, they shouldn't like the Luck divisional argument either. Within the confines of who he's asked to play, and what he's asked to do, he's really, really, really good. It's no different than what I'd say about Sherman or Wilson.