I thought the bag was "blah" when I first saw pics of it. Did not understand what the hype was about this bag. Until the 2nd season when I saw it IRL on someone. It looked heaps better IRL, on someone's arms/shoulders, with stuff in the bag to hold it down somewhat and when the leather has aged and soften.
If "over" means that the bag is currently experiencing lesser hype than its 1st debut, than "yes" it could be "over". But if "over" means that there is lesser demand and/or lesser popularity, then the current (still) high demand and limited supplies of the bags, especially in certain regions/countries, may be evidence to counter the perceived "over"ness.
