They painted Steve as this upstart who came out of nowhere who was going to dethrone Billy's score. In reality, Steve was well known in the community, and had been on the stage with Billy Mitchell some years prior. He had set the record in the past, and when he was setting out for a new record in the documentary, he was trying to beat his own record, not Billy's. Yes - at the time, the record was actually held by Steve. When Billy got his (new) record invalidated, it wasn't so that he could be on the top again - the record simply reverted to Steve's prior record.
When Steve ate at Billy's restaurant, they made it seem like Billy avoided him. In fact, Billy did come out and meet Steve. They'd interacted in a friendly way multiple times over the years.
When Steve took part in a competition, and everyone seemed upset that Billy didn't show up, they made Billy look like a real jerk. His defense (not in the documentary) was that the invitation to compete came out of the blue with very short notice, and he needs time to practice/train, so he declined.
You can see Twin Galaxy's statements on the King of Kong here: https://www.twingalaxies.com/forumdisplay.php/406-The-King-o...
[1] You need to be a bit of a subject matter expert to gauge the accuracy of a documentary. And if you already know the subject that well, the documentary isn't going to teach you much.