"Godzilla: King of the Monsters" is out in theaters at the time of writing this and I have yet to see it. Judging by the trailers it looks like a gorgeous monster mash that pays tribute to the original Japanese films. However, today I want to discuss how the newer films have taken inspiration from a different source, H.P. Lovecraft.
Lovecraft's work is often filled with tales of ancient creatures, conspiracies, mystic cults, and cosmic entities beyond human comprehension. Lovecraft's work popularized the idea of "cosmic horror", the idea of a cold and unfeeling universe that cares not for the whims and wishes of humanity. A place where humanity is a low rung on the cosmic food chain, and that's the aspect most reflected in these recent "Monsterverse" films.
Most notably in the 2014 "Godzilla" film we see the devastation and death caused by these massive creature just by existing and moving. Entire building, cars, and people are swept away from a tsunami caused by the monster just moving from the ocean to land. The Golden Gate bridge is destroyed with hundreds of thousands of people on it because the bridge is simply in Godzilla's path. There's no malice intent on Godzilla's part, it's just a thing that's blocking his path toward the rival monsters.
You're probably wondering how Godzilla could possibly be viewed as a hero after that? The film features rival monsters (laughably called MUTOs) who threaten human civilization as a whole if they breed. It's up to Godzilla to fight and kill them (due to him being the MUTOs natural predator) in order to ensure humanity even survives at all.
All of these monsters, whether they are the MUTOs or Godzilla, view humanity as either minor annoyances or pay them no attention at all. When you really think about it, why would they? When you walk down the street do you look down to see if you stepped on some ants or destroyed an anthill?
To these creatures, humanity is the equivalent to ants, we are small powerless creatures compared to these giant hulking beasts. Neither side really cares enough about humanity to personally destroy them or save them. However, humanity ultimately sides with Godzilla because his existence offers the smallest threat to humanity as a whole. Godzilla, mostly, just wants to be left alone.
Humanity feels powerless in these films. With the existence of these creatures, we have essentially been brought down lower on the food chain and now they reign as the dominant beings of this planet. Humans have always viewed themselves as the center of the universe. We arrogantly say things like "God created us in his image" or "We were created for a higher purpose". However, "cosmic horror" pulls the rug out from under us and shows us the hard truth, that we are one of a multitude of creatures in a random unfeeling universe and the best we can do is try and survive this universe.
Modern Godzilla is Lovecraftian because, similar to Lovecraft's creatures, he cares little for the "ants" of this world, he just wants to fight other monsters to maintain his place as dominant predator. However, he is also the least harmful creature to humanity because after the fighting he just wants to be left alone. Godzilla is the Lovecraftian creature we can afford to tolerate, which makes him the closest thing to a "hero" a Lovecraftian creature can be.