His overall foreign policy record is not as impressive or as world-changing as his fans have made it out to be
The notion that Reagan rescused the U.S. from a supposedly terminal decline is entirely false. But it should be pointed out that Reagan did negotiate with the USSR as no American president ever did. It is "interesting" that the super anti-communists Margaret Thatcher and Reagan were able to gain the trust of the Soviets and allow them to effectively abandon their position as a superpower without fear that the U.S. would humiliate them. Reagan was "lucky" to take office when the numerous weaknesses of the U.S.S.R. finally caught up with them. But he was also able to take advantage of that luck in a way that did contribute significantly to world peace.
Reagan could have done something early on to provoke a crackdown against Gorbachev by hardliners such as occurred in August, 1991. He wisely and courageously resisted pressure to do so from people in this country who had a lot invested in the Cold War. He deserves credit for that.
By the time the crackdown came, it was too late to save the Soviet Union. The military-industrial complex had to scramble to prevent peace from breaking out. The breakup of Yugoslavia was manipulated for maximum violence in order to save NATO from being disbanded. NATO's expansion has generated huge profits for the military-industrial complex.
Does anybody think they'll stop before they start WW III?
Moreover, Reagan wasn't nearly as unhinged an imperialist as either of the Team R or Team D mainstream is today.
Reagan, like Churchill, or rather, the popular images of Reagan and Churchill, are revered because they provide a justification for the neocons to do what they want to do.