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***** LATE SEASON SPOILERS******
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As of now, does Homelander even have a beef with Butcher?
I mean, he's insane, he's cruel and sadistic, etc... but he seems in a weird way to actually be 'attempting' to be the hero.

I mean, when he discovered that Butcher was coming after him, he didn't just go snuff Billy, he did the investigating and figured out why. And what he discovered was that both Butcher and he were played. And he respected that Butcher seemingly had a legitimate gripe... so he went out of his way to "save" him. Both literally, and by showing him what he did afterwards.

He's doing it to torture Butcher. Thus the "she came three times", "you're my son", and "we're a family" comments in the last two scenes. He's just dangling what Butcher wants in front of him, not helping him in any way.

******//SPOILERS****

********************MORE SPOILER DISCUSSION****************

I think a core part of his personality is that he feels the need for approval from most others (through their belief that he's better than they are) and fear from those he deems as an enemy. He probably sees both as respect. Being Homelander he's always had those two things from non-supes (and most other supes) until Billy. He's genuinely impressed that Billy isn't afraid of him and his actions mean Billy doesn't approve of him so now he's in a position that's probably quite alien to him, he's now like the hot chick who falls for the guy that treats her like shite.

His taking Billy to where Bonnie and her son live is probably a lot of an attempt to win over some approval ("See? I'm not a bad guy, I found your missing wife, she's alive and well and I saved you so you could see it for yourself." Also, "I'm such a good guy that once I found out I had a child I came to him to help raise him, and I brought you to prove to you how good of a guy I am.")

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