Is the problem with the Aquatic Ape Hypothesis not that its wrong, but that people tend to exaggerate it?

It makes sense that some of our evolutionary ancestors were more active in the water than other primates. Many of our features such as hairlessness, subcutaneous fat, breath control, brain, etc. can be explained by an aquatic phase. This seems much more plausible than the Savannah theory. The only problem with the AAH is that some people tend to take it too far, saying we came from otter like primates. Also, some of the hypos proponents are nutcases and/or non-scientists. I mean, many people think Elaine Morgan is the creator of the AAH.. but some scientists believed we went through an aquatic phase before. The AAH seems so much better than other explanations of certain human features, such as bipedalism.