yep stocking has much more to do with gallons and inches, though the rule will always be a good guideline for starters. It has much more to do with how much maintenance you want to do, how nutrients flow in the tank, filter capabilities, the species of fish, and many other factors.
examples would be a 55 gallon densely planted tank. If you wanted just puffers your going to be fully stocked at just a few fish normally. If you wanted just cardinal tetras it wouldn't be that hard to put 100 of them in there and be okay.
I hate the word 'overstocking'. A tank is not really overstocked unless the tank is too small for the adult fish or the maintenance is inadequate. You could have two tanks setup the exact same say the 55 gallon with 100 cardinal tetras. If you do at least 50% WC weekly you should be fine. If you get lazy and go to 25% WC weekly your likely to be overstocked, though in a densely planted tank its hard to guess exactly how fast nitrates are going to build up. What it comes down to is IMO a overstocked tank any tank that can not support its current stock level long term for whatever reason. A tank could be under the inch per gallon rule and still overstocked.
My stocking is what it is and I don't really care what people label it. What works for me works for me. I've run filterless tanks with more fish then gallons just fine. Again stocking depends on many many factors and is probably one of the most complicated topics in this hobby. There are very few lines to cross if tank size is adequate, but lots of grey areas to get lost in.