I'm not sure Bailey ever really got "hype".
Bailey's a boxer who even at his absolute peak was never better than average with one very important exception... he's got power like you wouldn't believe. Each of his fights essentially come down to whether he can land clean shots against his opponents without being either outclassed or beaten up himself... at the top level he normally can't, at lower levels he's far more successful.
The Jones fight shows everything Bailey is... completely outboxed for the entire bout then lands two clean punches and wins the fight. That's the risk he always possess for opponents. But if someone can take his power away... and lots have... or hurt him first, he's far less effective. That's all he's ever been and as far as I can tell that's all that most people think of him as.
People hoped he'd KO Alexander, a guy who's put on a number of fairly awful fights and has never been that loveable personality wise... but there's a reason Alexander was the favourite and pre-fight some commentators thought a stoppage in his favour was a decent possibility.