A Citroën 2CV is, in many respects, a poor car. Slow, unrefined and cheap. But it is versatile and can operate effectively on both paved road and freshly ploughed fields.
An F1 car by comparison, is seen as the pinnacle of automotive engineering. Fast, precise and using only the finest components. I wouldn't fancy driving one across an open field though.
The 2CV has general applicability, while the F1 car only has very specific applicability. The F1 car has been overfitted to the specific problem of going round a racetrack as quickly as possible with the benefit of a team of professional engineers to monitor, assess and problem solve any issues that may arise from high performance operation.
Similarly, an overfitted model will perform well in situations it is overfit, but poorly (or not at all) elsewhere. A model with general applicaility will be more useful if it will be exposed to different environments out of your control even if it is not as good as specific models.
