The 7333A is a linear regulator, which means it drops voltage by converting power to heat. Typically those make sense when the input voltage is close to the output voltage or the load is very small. If it’s getting too hot, the load is high enough that the efficiency will be very bad…whether or not this is a problem depends on your application.

Some random site claims 170mA and another claims up to 400mA. 170mA * 8.7V (12V in minus 3.3V out) = about 1.5 watts, which is too much for a TO-92 package.

Can you use a tiny buck converter instead? Or a larger package for the linear regulator that can add a small heat sink?

As for your actual circuit, the second transistor is an interesting idea (you’re using it to invert the state so you can have the GPIO pulled in the non-problematic direction?) and I don’t have enough experience to give further suggestions.