This is correct. It is quite remarkable how many social categories (some of them with no content whatever) were invented by Time -- and as in the case of "hippies" social reality, while never really conforming to the Time-created archetype, did edge in that direction. This was my reason, in an earlier post, for referring to "Hippies" as belonging to myth rather than history.
Carrol
^^^^ CB: Also it derives from "hip" and "hipster" , which were Black slang.