My short answer is no, matter of fact I'd like to see it being used even more. I really like Material You and I think it's one of the best design languages I've seen so far.
Before Material, I generally didn't mind UI languages that much, I just liked the #holoyolo lifestyle because it was dark. Material 1 came and I hopped on the praise DuARTe bandwagon until its end, but when I look back, I never actually liked it, nor did I dislike it. I always thought it was too square and a bit aggressive.
Material 2 is one that I disliked. It seemed like they just took away all the color and plastered whitespace everywhere just for the sake of making something different. There was no thought on form or function, it was just trendy minimalism (I love minimalism, but trendy minimalism is just that, taking away form and function just because less = more). That's also when I changed to Samsung devices and would barely see Material design anymore.
At first, I didn't believe in Material You. I liked what Google was trying to do, but all we had were design concepts that, as usual, never come to light. Then I started seeing it more and more and I understood. It seems like every piece of the puzzle fits together beautifuly, something that can join form and function without being a detriment to each other. The colors are subtle but there's enough contrast and shades to fit everywhere. The elements aren't square enough to seem like an outdated, old design, and also aren't too round to seem like it's trying too hard to be modern. The paddings are just right, and like another user here said, are very important to separate information and content. Obviously there are many flaws, but with a few tweaks, Material You could be a behemoth in design languages.
exohuman