Hopefully you say that just in the context of certain games (ie - THIS game)...
It is a beautiful effect when applied properly afterall, but it seems that many developers tend to use it in the manner you have suggested...
ICO is a great example of using over-brights and bloom effects properly. Without the lighting, it would have looked nowhere near as beautiful. Even in some less artistically accomplished titles (such as the recent Prince of Persia title) the bloom lighting effect can be really quite beautiful and add a lot to the overall visual flair. Many of the lighting effects that you are seeing are being used to bring game visuals closer to that of CG footage. Where else would we be heading afterall? Lighting IS the next big thing for game visuals, so it only makes sense that many developers would be attempting to harness any available power to pull it off...