I think large capacity hip packs are worse than back packs. With anything more than 1ltr of water, they are continually sliding towards your butt crack. The bend around the waist makes it tough to store anything long, like a shock pump.
For any trip needing capacity, a backpack is the way to go.
I do think the back packs are trending toward stupidly big. Not all of them need to be epic ride capacity.
I have a very old Mule, that is pretty slim. The new Mule will carry 2.5 days of supplies.
Most of us ride for 2-2.5hrs. My small CamelBack butt pack that carries a small bottle and phone/wallet, along with medium bottle on the bike, is sufficient as long as I drink a bottle before starting.