...There is definitely a problem with being overqualified for a role. The braver more mature hiring managers will even be happy to tell you why! And while there are many reasons and excuses, I find that the most important/primary reason is simple; Retention!
In most cases, a hiring manager is usually responsible for a business unit or a certain business function, aside from hiring. As a result, his/her main goal is to fill a role with someone who will ideally be there for a very, very long time, because, the fact of the matter is...if you are TOO good for your job...you'll get bored and quit very very soon. Leaving the hiring manager with the difficult task of looking o RE-fill your role sooner than he'd like.
Exacerbate the "pain" by the thousands of dollars in "down time", that the open position will cost the company, the stress on the team for taking up the slack, and the time the Hiring Manager has to take away from Managing the rest of the business functions, and suddenly, you understand why no one wants to hire a quitter! I know, that it can seem very, very frustrating when you are out of work, and looking for a job, but, this is the candid perspective.
From an HR perspective (which is the one I am aligned with myself) however, you should not be in a role that bores you. Once one has enough money in the bank to meet your physical needs, then the best workers need to be challenged to remain happy.
Take away the challenge, then what are you left with? Boredom...And let's be fair; once you are bored then your productivity drops, then you begin looking for another job...thus, increasing your frustration all over again, leaving your former employer with the thankless task of having to fill the same role again, all over again.
Just my two cents. And one of the key reasons my clients don't like overqualified people.
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