Uh, no. In Merriam Webster, that's meaning #2. Meaning #1 is
> to make much of : promote, talk up
> touted as the summer's blockbuster movie
> the college's much touted women's studies program
I'd argue, though, that the reality is that the word's meaning is in the process of shifting from being a synonym for "promote" to being a synonym for "make out to be"; that reflects much common usage, and dictionaries always lag behind a bit in cases like this. They have to - they're a descriptive artifact, not a prescriptive one.
1 : to make much of : PROMOTE, TALK UP
as opposed to
2 : to solicit, peddle, or persuade importunately
https://www.merriam-webster.com/dictionary/tout
Edit: uups! Didn't reload the page and see yesenadam's comment before posting. Sorry about that!