Interesting question! I'm not going to put this as an "answer", but after some thought it seems to me that it's simply the author's choice. "Iron man" is adjective+noun, just like "super man", who is really "Superman" - although with superheroes there does seem to be a tendency to keep adjectives separate. The Green Lantern, Green Arrow. But I would say it's a stylistic thing. "Batman" is noun+noun, just like "Wonder Woman"... who is always spelt as two words. "Aquaman" is one, "Danger Mouse" is two, "Bananaman" is one ...
I think it's probably just stylistic choice.