And imagine how much better hipster work would be if they just picked up an old Zeiss Nettar, Cannonet, Nikon P&S or any of the cameras that can be found at the Goodwill store for $5. But then they wouldn't be hipsters any more, they would have joined the truly hip.
Neither Diana or Holga cameras come from LOMO. The 'Lomography' outfit doesn't have much of anything to do with LOMO, except to resell some LOMO products at highly inflated prices. Cameras made by LOMO usually produced acceptable images, the quality of the Soviet era materials used in the cameras' construction was another matter.
I am no fan of the 'fellow traveller' justification: just because it uses film doesn't give it value.