"Hype" has come into the language and is now a commonly used word. "Hype" is actually short for "hyperbole," pronounced hy-PER-bo-lee, which is not a commonly used word. "Hyperbole" is related to the mathematical curve "hyperbola" and in both cases they mean to "go beyond" something. Hyperbole means language that is excessive, exaggerated, goes too far. "I'm so hungry I could eat a horse!" is an example of hyperbole.
It has come to mean the exaggerated language or claims used in advertising or by promoters.
The Ringling Bros. and Barnum & Bailey Circus calls itself "The Greatest Show On Earth." That's hyperbole, or hype, because it may be a very good show, but it is hardly "The Greatest Show on Earth."
When Steve Jobs was trying to get John Sculley, then President of Pepsi Cola, to join Apple, he said "Do you want to sell sugared water for the rest of your life? Or do you want to come with me and change the world?"
Hype.
Insanely great hype.