As far as I know its not. Not at all.

If my memory serves me right the DSM actually mentions that hypomania doesn't affect daily life in a detrimental fashion...

Its mania that has an acute effect on functioning, mania that comes with delusions and or psychosis, and gets lots of people into troubling and or dangerous situations.

Whereas hypomania, at its worst is probably more like an annoying aggravated itch you just can't even scratch. Sure you may spend too much, or all of your money, you may have sex with someone who you didn't find attractive yesterday, or didn't know yesterday? and your concentration span may be non-existant, and it can definitly drive us nuts.

Buuut... there's no fear of losing touch with reality. You can put safe guards up against hypo, whereas mania in all its glory will not be prevented, and only stopped if you're lucky enough to come across a poacher who mistakes you for a rhino and knocks you out for a few days with his tranq darts.

And even then, tranq don't bring everyone back to Earth like magic either... Sometimes it works, sometimes you just have to wait it out.

IMO, I think people warn against hypo because for some of us, yes it can and does get dysphoric, but mostly its the crash into the abyss that worries people the most.