"over engineered" is the subjective term here.
Over engineered, by who's estimation, and by what set of metrics?
If the intention is to have the construction (does not matter what it is-- building, road, car, device, whatever. It is a construction.) last longer than is normally expected, or endure under harsh circumstances, then putting in the effort to make a more durable, resolute design is not "over engineering"-- it is design with a specific goal in mind, and meeting or exceeding those design goals.
The subjectivity comes in when determining what the decisions on the design goals are.
What Neon and pals are complaining about, is that the "design goal" for longevity is typically "until about halfway into the next product's release cycle" which is being blasted out "as soon as possible!". This is mostly because of bean counters muttering incessantly about "margins" and "shareholder value."
So, if "over engineered" is taken to mean "outlives expected device life cycle", then the derogatory quips about "Planned obsolescence" are exactly spot on. (The device is being designed to only survive active use for a set period of time, after which it is EXPECTED that it will be decommissioned and destroyed, then replaced with a new product that is subject to similar design goals) For people that like to get more value from their purchases this is undesirable. (the trend will favor "ever shorter" device lifetimes, as shorter and shorter device lifespans, with faster and faster development cycles maximizes revenue. The only downward pressure against such runaway feedback in the industry are the people who INSIST that devices live longer, and thus puncture the bubble, by refusing to purchase devices that do not have a good durability or longevity based design.)
If "over engineered" is taken to mean "Unnecessary amounts of resources and energy were invested into a construction, such that those resources are effectively wasted, and do not add to utility of the construction." then such quips do not apply.
Given the statement you made about old tools living longer because they are "over engineered", I presume you mean this former sense, and the derogatory quips about planned lifecycles applies. Personally, I only use "over engineered" for this latter case.