While coincidental and somewhat appropriate, the naming of the phone obviously has nothing to do with him.
And in case anyone gets the wrong message from that, I mean no disrespect to Steve at all. He was one of my heroes and I'm very saddened by his loss. In fact, after watching some of the emotional videos, reading anecdotes and seeing pictures of tributes at Apple stores, I've actually cried a couple of times.
Anyway, if an iPhone were to be made in tribute to him, I don't think an upgraded iPhone 4 is special enough to represent such a visionary, influential and inspirational man.
Rest in peace, Steve.