Conversely, I know people who were recognised as gifted students but who weren't generally accelerated out of concern for their social skills or whatever, some of them ended up having problems later on and should probably have just been accelerated and pushed out to higher education faster. And I also know people who are pretty clearly gifted, but went through school in the normal fashion and were entirely happy with that, good for them.
I think the key thing is it has to be about the needs of the child, not the egos of the parents.
Anyway, point is - gifted programs are useful for the kids who need them. And as a rural kid with a limited selection of schools and little by way of gifted program resourcing, I'm glad for the handful of teachers who made my individualised educational plan happen regardless - their special ed programs need more support, not less.
My family and my school did _not_ raise their expectations of me unreasonably. I quite enjoyed the rest of my school life, where I performed quite well but I certainly did not have perfect grades or come top of every class. Didn't win the dux/valedictorian award in my graduating class of ~30 kids in my rural high school, that went to a regular non-accelerated classmate.
I don't regret it in the slightest.