It is over-engineering the same way that setting the maximum length of a database field longer than absolutely necessary is over-engineering, so not at all, except even far less so, because resizing a database field tends to be trivial, resizing the IP address size we've been working on for 20 years already and there is still no end in sight.

Really, this has absolutely nothing to do with "over-engineering", as there is absolutely no "engineering" in making the address larger, it adds zero complexity, and it massively simplifies network design because it removes constraints that really complicate the building and maintenance of networks.