Question: As I understand a gravel bike, it's basically a road frame but perhaps with a slightly more upright riding position. It has wider tires with much deeper treads and a stiffer rubber than standard road bike tires. What is the theory behind these changes? I had always thought that the thicker and stiffer tires were to prevent small bits of gravel from pinching flats, but is the theory instead that the deeper treads and wider tires are supposed to increase traction? And what is the rationale for the upright riding position?

Answer: 
GCN had a funny take on this recently: [Gravel bikes exist because mountain biking is now boring](https://www.youtube.com/watch?v=XC_xFpg_UmA). Or to give slightly more nuance, mountain bikes make it so easy to ride over difficult terrain that they remove the challenge.

Coming at it from the opposite direction, road cycling may be losing some popularity because A) roads in many places are poorly maintained due to austere public-works budgets, and B) motorists are motorists. Which creates some demand for something that you can ride on bad roads/roads that motorists don't drive on.

Gravel bikes generally are designed for a little more comfort and stability than a road-racing bike--more in line with a road "endurance" bike. Hence the more upright position and slacker angles. Some people ride gravel bikes with fat slicks—I don't think you can make any sweeping judgments about tires, other than they're fatter than road tires.
My theory and it is just a theory. In the U.S. at least there has been a proliferation of unpaved bike trails due to the conversion of abandoned railroad rights of way to bike paths. They are for the most part either flat or have a slight grade. Most of these trails are too uneven for a conventional road bike. At the same time they are not much of a challenge for a mountain bike and are mostly an access point to more technical trails. So now we have a reason to buy yet another type of bike. With a gravel bike the gearing allows much higher speed than on a mountain bike. You're on a route that is pretty much guaranteed to be free of motor vehicle traffic so you can basically go as fast as you're comfortable riding. The larger tires allow better traction on loose surfaces while increasing comfort. So while the riding environment is similar to cyclocross the two frame geometries are different in a sense like a Tri bike and a road bike, functionally the same but tweeked for a more specific type of riding.