So many "angry" people here. Hipster restaurant is a relative term. The amount of money people are comfortable spending on dining is also relative (as is the case for Cars, Homes and Hobby budget) .. So let's chill on the judgement.
As for formal vs. hipster restaurants OP, questions for you, and still waiting to hear which restaurant this was:
Is Buca hipster? Brick and beam decor with a more laid back casual style but top notch food and service
Is "The Chase: Fish & Oyster" hipster? The more laid back sister restaurant to the more formal dining room of "The Chase" which channels the same ambiance as Canoe, Cafe Boloud and similar eateries?
Is "Richmond Station" hipster? Open kitchen style, tighter quarters, eclectic and wide ranging menu, opened by "Top Chef Canada" winner
The food trend nowadays is away from the more formal (some say stifling) atmosphere channeled by classic French and even the high end steak house environs.. (read: Tom Jones, Harbour 60, Scaramouche, Splendido, George, Canoe, Auberge du Pommier.). Focus is on a more relaxed dining environment with good food and good ingredients, this often means that service is quite different. Often there are no separate sommelier/bus/waiter/host. They also tend to be more creative in their offerings.