It's a (somewhat irritating, IMO) marketing term applied to a broad spectrum of bikes. The format is much closer to a road bike than an MTB, due to similar (if slacker / more stable) geometry, drop bars and (mostly) rigid frame. Wheels are wider and stronger, tyres fatter and disc brakes a given.
Geometry is typically between that of road and touring bikes; less reach and more stack than a road bike for a more relaxed position, but not as extreme in this regard as a tourer. Longer chainstays / wheelbase and a slacker head angle for more stable handling than a road bike, but again not as much as a tourer.
Gearing is usually lower and / or wider on gravel bikes than road equivalents to account for the wider range of terrain encountered.
"Gravel" bikes differ from cyclocross bikes in that the latter are intended for high speeds for shorter periods, so geometry is more aggressive / more responsive / less comfortable. CX bikes also typically have little provision for additional paraphanalia as they're intended as race bikes; while gravel bikes usually have mounts for mudguards and paniers as they're intended to be more practical machines.
There are clearly some similarities between gravel and touring bikes, however tourers tend to be more traditional; favouring triple chainsets for a wide gear range to tackle uphill slogs with a lot of weight on the bike. Rim brakes tend to be the standard while gravel bikes tend to be more forward- looking with discs and often through-axles, and you're unlikely to find a "gravel" bike with an internally geared hub.
Personally I prefer the term "road plus" or "all road", and love my new Croix De Fer (whatever you wish to label it). It's quick enough to cover ground well on-road while being just versatile enough to open up a whole new world of forest tracks, bridleways, tow paths etc that a road bike would struggle / be completely useless on. A good "gravel" bike will potentially be the most versatile bike you'll ever own if it suits the particular type of riding / terrain you favour - which in my case it does
