It is acknowledged. I think younger generations were acquainted to this movement from the more intellectual aspects anyway, precisely because it is the one which left tracks. To be acquainted to the less intellectual one, one would need to have been present at the time and place. Of course many have parents who were hippies when they were young, but it is not the same.
In France, it is the term “beatnik” (pronounced with the French pronunciation) which is pejorative (at least IMK). The term “hippie” has, I think, positive connotations, since it refers to an ideal and positive values. Many teenagers and young adults are still full of regrets to have not experienced this “golden period” (especially after having watched the documentary Woodstock, and this kind of things).
I opened a topic about socialism and humanism here.