It's a good exercise but far from the holy grail. It has its place in a program but lots of people think weightlifting= bench pressing and curls. I blame the media. When they show people lifting they're always doing bench, curls, or lat pull downs. The average person doesn't know what a row or a deadlift is, and they only know what a squat is because it has meaning outside of weightlifting.I never understood peoples obsession with the bench press.
I personally view chinups as the ultimate upper body exercise, but it's more advanced and humbling than bench press because not just any old Joe can do it