Why does the label matter. It's not even a label that has a formal definition.
Supercar, hypercar, hot hatch, warm hatch, tepid hatch... They aren't real things and whether you label a Fiat 500 a hot hatch or not, it doesn't help the OP. He wants to know if it's any good.
If your opinion is that it's too slow, fine, but don't discount it because of some made up criteria you don't think it meets.
OP - I imagine it will be pretty good fun. Test drive it. I had a Renaultsport Twingo 133, which I imagine is similar in spirit, and that was great fun. Only 133bhp but so chuckable and cornered like it was on rails. Impracticalities due to size caught up with me though, so make sure it has enough rear and boot space.