This is a pretty deft analysis:
Rob Horning developed a critique of hipsterism in his April 2009 article "The Death of the Hipster" in PopMatters, exploring several possible definitions for the hipster. He muses that the hipster might be the "embodiment of postmodernism as a spent force, revealing what happens when pastiche and irony exhaust themselves as aesthetics," or might be "...a kind of permanent cultural middleman in hypermediated late capitalism, selling out alternative sources of social power developed by outsider groups, just as the original 'white negros' evinced by Norman Mailer did to the original, pre-pejorative 'hipsters'—blacks...." Horning also proposed that the role of hipsters may be to "... appropriat[e] the new cultural capital forms, delivering them to mainstream media in a commercial form and stripping their inventors... of the power and the glory...".[15] Horning argues that the "...problem with hipsters" is the "way in which they reduce the particularity of anything you might be curious about or invested in into the same dreary common denominator of how 'cool' it is perceived to be," as "...just another signifier of personal identity."
Particularly this bit...
Furthermore, he argues that the "hipster is defined by a lack of authenticity, by a sense of lateness to the scene" or the way that they transform the situation into a "self-conscious scene, something others can scrutinize and exploit."
This complaint is basically small subcultures bitching about Poseurs and Wannabes writ large.