Another word, like 'cool', that has become bastardized?  Even in the late 70s we used the word with a sense of irony - even mild contempt.  Slightly older lads we knew were achingly 'hip', acquiring their knowledge of funk or Frank Lloyd Wright while were still grubbing round listening to Subway Sect or Joy Division (that post-punk, 100 Club gloom).  Hip...  it seems a hell of a long way from Lenny Bruce to A Bathing Ape...