Since no one is volunteering one, I'll give you an answer.
Hype is a nebulous term and often used as a pejorative. Really, it's just the act of getting someone pumped and excited for the release of a product. If the product turns out to be as good as you hoped, all is well. If not, well... you're basically screwed. It's a part of sales and marketing that has existed as long as there was such a thing as sales and marketing.
Hype becomes a problem when the producers of the product over promise and under deliver. This is exacerbated by the fact that hype is difficult to sustain over a long period of time. Eventually the thrill wears off and people just stop getting excited. The wait just isn't worth it.
Hype can be used to make a mediocre product look great. But it can also be used to generate interest in a product with strong merits of its own. It's a myth that if something is good, everyone will get in on it. An effort must be made to get the word out.
So ultimately, hype to me is just part of how the game is played. No sense getting upset about it. No point in demonizing it. No use exalting it.