People don't underestimate it, they just don't know what to do about it. That's arguably more of a technological problem than a policy problem, the technical and philosophical problem of how to detect fakes.
Technological solutions will help, but software to spot fake videos will lead to an arms race between video creation and video classification. The more promising angle is imho the society angle. Most people view their memory as the best source of truth, when in reality it's well established in psychology that our memory is incredibly unreliable. Previously this was mostly a problem for the justice system, now we risk…
Most of the issues discussed in the presidential elections are way beyond personal observation. Are we to throw our votes to the wind since it falls outside our experience?