It all comes down to authenticity and DIY ethics. I'd hang out with a DIY hippie, DIY hipster, DIY punk, DIY yuppie anyday rather than a consumerist hippie, consumerist hipster, consumerist punk, conusmerist whatever.
And def. I don't like in hipsters the same thing I don't like in most people hatin' in this thread: hating people based upon a visual category. Self-righteous stylistic assholeness.
YES, there are DIY hipsters who don't hang out at the malls, who don't even like to be called hipsters, and who just want to look good in their own way without buying new things all the time or having to look like a drunk punk or wear tan-shorts and a golf hat. What is your deal with having a hate-box for every human being?