Why not simply configure the 555 timer as a Schmitt trigger?
Nice version, The integrating capacitor referenced to 0V is the way.
But the circuit uses nine components (including the mandatory 555 decoupling capacitor across the supply line).
By the way, as you no doubt know, the CMOS 555 would probably be better: no transition supply-line current glitches and very low quiescent current. Also a smaller capacitor and bigger charging resistor can be used.
I am not a big fan of using electrolytic capacitors for timing, except possibly tantalum, because they are lifed and have a relatively large leakage current. Much better to use a film capacitor.
To be a real smart-arse, I would suggest that a low leakage schottky diode could be used to improve the capacitor discharge at turn off.
The BJT will give a comparatively large voltage drop (CEsat). A MOSFET would fix that issue.
There is also an indeterminate state as the power line ramps up: Q1 base may be at 0V, which will turn the PNP transistor on momentarily before the 555 sorts itself out. This is being picky of course, but it is the kind of thing that can cause odd effects.
And in safety-critical applications, it would not get past the first post because of the transistors dependency on the supply line to be off (the safe condition). In general for SC, the only dependency you can have is 0V (the no power condition).
As you may have guessed, I have had many problems with power on reset (POR) and delay power on (DPO) circuits.
In one instance a quite complex equipment with all sorts of fancy circuits got through the tests, except for a silly little DPO function which nobody thought twice about.
Having said all that, your circuit is well thought out (and drawn) and would be quite suitable for most home electronic projects. The parts are dirt cheap too.