I think it's a combination of PR and probably some genuine development as a person. He has been pretty open about being maniacally focused on Microsoft's success in the earlier years, even to the point where he views it as a mistake or at least a mistaken approach. My impression is that Melinda has done a lot to help him soften his edge and do some introspection and grow as a friend, father, and husband. Warren Buffet, too, who has also taken what I think is a pretty impressive trajectory of maturation as a person.
So overall I agree with you there is probably some of the titan of industry reforming his reputation kind of thing going on (like Carnegie, Rockefeller et al). But I think there is probably a little more than that going on, as well, and I think that deeper authenticity is probably what gives people hope, although that hope culturally may end up distorted through the infatuation with his power to get to the "world's greatest guy" thing. Which I think he would probably reject, himself, if you asked him.