As Kings go, he was on the benevolent side ... which might be in part why he is fondly remembered. Peter helped set up a constitutional government and was known for libertarian policies. Let's assume that's rare for a monarchy at certain points in history.
This statue seems to have gone up in 2018. The geography was reshaped in that year after World War in 1918, and parts of this area joined Serbia. That gave them a reason to celebrate after a century.
If you wondering, there's still talk of royalty in Serbia, and one family is doing most of it. Here's a news report from a few years ago on the subject:
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