When you take an image at 1/500 f/4 ISO 1600 that is two stops too light, the problem isn't that the exposure is too high. The ISO is too high. So that image is not over-exposed. It is too light, or over-brightened. If we could have taken the image at 1/125 without unwanted motion blur, the image is actually underexposed.
Note that this does NOT say that sensitivity affects exposure.
So far as I am aware we do not have a generaly accepted single term that descibes the consequences of changing sensitivity at constant exposure. Words like "lightness" or "brightness" convey some of the idea, but I am not convinced either is entirely what is needed.
What do you think is missing?
Image lightness is affected by two factors: exposure and ISO setting. I'd suggest that what is missing from "too light" in this case is the information regarding which of the two factors was needlessly high. However, "too light" is better then "overexposed" in this case, because it does not point the finger at the wrong factor.