I'm not going to sit here and argue that Pyramid Head was a "good guy," in2, as this video by RagnarRox itself notes that Pyramid Head can be seen as kind of a boiled down, violent and unhealthy version of the main character's need for power, sexual potency and lack of emotional attachment. But holy heck, the rest of the analysis here is pretty interesting.
The idea that the character was trying to show you the way instead of killing you is fascinating, and all the evidence seems to support it. It's neat to see how passive the character is through most of the game, outside of the disturbing act of sexual assault on the other creatures hunting James Sunderland.
This is an interesting look at a classic game, and now I kind of want to replay the whole thing.