It's hyped because it's near ATH again.
It has increased in value by 100 times, and moreover, it uses a simple Proof of Work mechanism without anything special to make it a better project than Proof of Stake (POS) to achieve a market capitalization of 100 billion dollars is really challenging.
The fact that something has grown 100x already is a horrible selling point. And imho it has way overvalued marketcap for current market conditions.
And if something is PoW doesn't make it automatically suprerior to some other cryptographic proof. Or are you saying most of the dead PoW projects with one pseudonymous developer that lasted maybe week and had handful of miners back in 2014 were better than ethereum 2.0 for example? Substance for Kaspa comes from development, not from the consensus mechanism.
As i said it's about the future development. As we know many coins come and go. Devs leave or it just gets abandoned. Thats why i'm watching rather than investing heavily. I mined some earlier this year before the asics took over. I do see it as future gem "IF" development is maintained