I'm not a fan of the morphing of the word "racist" to mean offensive or distasteful. Racism is the belief that a particular race is superior or inferior to another or that a person’s social and moral traits are predetermined by his or her inborn biological characteristics.
Don't see how a faux hipster company in LA selling these hats in any way implies that they are superior to Chinese or SE-Asians or anyone else who wears these hats. It might be in poor taste, but not racist.
Hipsters might claim to be superior to you because they "totally listened to that band before they got popular," but not because they think they're better than SE-Asians.