Diddy might be in the crosshairs of the feds right now -- and he may even be getting wrecked on social media -- but in real life ... it would appear the people still love him.

The hip-hop mogul has been laying low at his Star Island home in Miami ever since his two properties got raided -- stepping out here and there in public -- but on Sunday, there was yet another sign that folks still hold him in high regard ... at least in the Miami area anyway.

Take a look at this footage ... it was shot Sunday as a group of people were cruising by Diddy's estates there on the private island, and as you can see -- onlookers were starstruck.

Diddy could be seen strolling around outside of one of his homes there -- he owns two adjacent properties on Star Island, BTW -- and he was waving and smiling, not to mention interacting with the boat that was cruising by ... with each party exchanging pleasantries.

Just as we've seen for these past several days ... Diddy isn't really hiding right now, even though he's facing a very serious situation as the feds dig into heavy allegations against him. Remember ... just the other day, he went out for a bike ride in broad daylight by himself.

Even there ... he ran into a group of locals on the road, and they were singing his praises.

So the question ... what's the temperature on the Diddy sitch with the public right now? If you check X -- it would appear most people have turned on him ... that, or they're just down to mock and ridicule him, which has been happening ever since the raids 2 weeks ago.

When it comes to his A-list friends -- many of whom have partied with him and enjoyed his company during the good times -- they've by and large remained silent through all this.

On the ground, however, it seems he still has fans/defenders -- which is interesting. Time will tell if this changes as time goes on -- but for now, it feels like Diddy is beloved in FL.

The saga continues ...