If you describe something as vaunted or much vaunted, you mean that people praise it more than it deserves. Simpson's much vaunted discoveries are in fact commonplace in modern sociology. a plan, system, achievement etc that is vaunted is praised or talked about too much and in a way that is too proud (vanter, from vanitare , from vanitas; VANITY)
[ 'vont, 'vänt ] (verb.) 15th century. Middle English, from Middle French vanter, from Late Latin vanitare, frequentative of Latin vanare, from Latin vanus vain.