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Obviously this is all a matter of opinion. Full disclosure - I've been a big U2 fan for a long time, though I no longer rank them as my favorite band.
I think a lot of people underrate them, since there were no suicides, drug overdoses, high profile incidents, messy breakups, etc. Same four guys as there were 39 years ago. I guess people are bored by that. Rock stars who fizzle out and self destruct are more interesting I suppose.
Were the Beatles in the same league as U2 as a live band? Obviously, most of use here can't assess that, but I would bet, in general, that U2 blows away most classic rock acts in terms of the live experience. Their legacy in that category is well earned.
While their last couple efforts have been notably bland, the band has had much greater longevity from making great, relevant, interesting music than just about anyone else I can think of.
add to that music stuff the beatles pioneer animated movies with Yellow Sub and comedic acting in movies like Help as they crossed into and dominate non music businesses
Grateful Dead-probably seen by more people live than any other band, Jerry Garcia as Iconic as Jagger, tremendous song catalog, doing it and keeping it going beginning only few years after beatles ...also carved out a unique musical probably only surpassed by the beatles.
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