i think like all social spaces it's predicated on an ongoing balance between social games and cultural games.
what attracted me to hipsterdom, for a period, was that i liked the cultural game. it was good for me as an introvert. i could play it well. art and expression were important to me. individuality was important to me. but for me it was kind of academic, and it was also kind of aesthetic. the game wasn't strictly the signs themselves, it was a way of aligning that helped you articulate your own position in a space that was more conducive to you having the tools and range of possibilities to say what you wanted to say about yourself. even if the impetus to say something profound about yourself also could be suffocating and incredibly self-protective (hello e4!).
but the cultural game was more interesting, as far as youth oriented upper middle class white cultural games go, it was a space that had more worth salvaging to me than other ones. i mean, to be interested in sports, you have to accept tv commercials and curly fries. i also think it's loosely tied to lifestyle design beyond straight up, no holds barred, no shame socio-economic status markers. creativity still has a puncher's chance.
with all of this said, it's just a cultural game, and while it might help you brand yourself in various social spaces, it doesn't help you know or enjoy yourself more. it doesn't make your relationships more authentic, it just might help you signify them easier (which can be both a good and bad thing, but that's the market-driven, mass mediated culture we live in).
finally, there are actual, real effects to your favorite band blowing up. the community changes, and the community that a symbol binds is a big part of how the value is experienced and felt. seeing a different kind of show. it's a different experience, when the experience is never fully in the music itself but in the whole organic outgrowth centered on that. for many people, they just want smaller communities to be part of than the big space, arena projected ones.