>>6 If you live in Korea, it does.
A lot of the eastern world has high standards when you compare it to the western, at least in terms of intellect. The fact that it's not emphasized over here creates the general stereotype that we "celebrate intellectual sub-normalcy."
This is the first I've heard of the tendency to hold foreigners in high regard, though. The American stereotype, as far as I've heard in terms of other countries, is "herp derp lawsuits and hamburgers."