First off, the entire world doesn't hate us, there are many countries that really like us, some are apathetic. But of course hate is louder than admiration, so hate gets more attention. By the way the parts of the world that hate us for the most part already did hate us before Bush came along.
Some hate Bush, but not us. Some hate everything about us(a few Middle Eastern countries come to mind). Some are jealous of us. Some think our people are arrogant(to a degree they have a point). Let's not pretend there is one simple explanation or cause, because if there was there would be a quick fix and we'd do that, but there is no singular cause and no quick fix.
I think you got it more or less right.