In the paper, the significance of the so-called "damping factor" is not clear. However, with linear algebra, we know that the damping factor makes the stochastic matrix positive rather than merely nonnegative. Hence the Perron eigenvalue is "simple" (i.e. of multiplicity one), the Perron vector is unique and the power iteration must converge to it.
There is probably some gain from understanding the algorithm specifically as a Markov chain iteration (if nothing else, it provides a great example for Markov chain iteration), but I think it's perfectly possible -- and easier -- to understand it as a fixed-point iteration on a compact space. And I am someone who does algebra for a living and normally explains everything algebraically if ever possible...