When using the Raspberry Pi 2 configuration, no overlays will be copied to the FAT partition. The line "rpi-firmware/overlays", seems to be missing in board/raspberrypi2/genimage-raspberrypi2.cfg while it exists in the other Raspberry Pi configurations
Sorry, it is by design (note the line '# BR2_PACKAGE_RPI_FIRMWARE_INSTALL_DTB_OVERLAYS is not set' in configs/raspberrypi2_defconfig)... Long answer: The buildroot defconfigs are about a minimal starting point for own development, minimal means board startup and at least a serial login, in the case of RPi2 no device tree overlays needed to achieve this, so config option RPI_FIRMWARE_INSTALL_DTB_OVERLAYS disabled and no entry in the genimage config file... For your own/enhanced project feel free to adjust as needed (and the genimage config is for sure a minor part of it)...
While I don't agree with the decision, we can close this.