My opinion is that Hype-Driven Development, as you aptly put it, belongs in the realm of leisurely personal projects, not in serious/client/enterprise ones.
My reasons are:
As well as other challenges that come with learning anything new, Hype-Driven or otherwise, like needing more time invested to adapt your thinking to the new tech.
As for what its impact is, seeing how JavaScript has been ramping up hype like nobody's business in the last decade, it's meant a huge, huge influx of newly shared open source software modules. It's been great to see the interesting libraries and frameworks that have popped up and changed the way we develop for the web. And on the other hand, it's given many a sane developer an insane number of choices to make, AKA: JavaScript Fatigue. So, pros and cons.