You can set your title to whatever you want? Or do they actually have Paragon Hero on a list of optional titles?
You get a dropdown list based on what accomplishments you've earned. Right now I have 12 options:
Founder (because I bought a Founder's pack to join the game)
Aberrant Slayer (a defeat badge)
Bandit Slayer (a defeat badge)
Goblin Slayer (a defeat badge)
Orc Slayer (a defeat badge)
T
roll Slayer (a defeat badge)
Hero of Blacklake (a quest completion badge)
Hero of Neverwinter (a quest completion badge)
Spellplague Survivor (a quest completion badge)
Paragon Hero (for reaching the end of my Feats tree)
Foundry Apprentice (for playing Foundry missions)
Foundry Graduate (for playing Foundry missions)
There are a bunch of others, too, although nothing on the order of magnitude of what was in City of Heroes.