Yes, I think there is a good argument to be made that it is. There is a tendency to assume that the "normal" ups and downs of life should be medicalised. And doctors do love reaching for their scripts to hand out a course of antidepressants.
However I am thinking about mild/moderate cases. I suspect there are plenty of people out there really suffering with serious depression that do not seek advice or help. Plenty of potential reasons for this: stigma, embarrassment, crappy mental health care provision, etc.