It's the name of a few cities in North
America, as well as a college (
Elmira College in the city of
Elmira, NY). That's what I think about. The city and college in NY are pronounced el-MY-ruh.
I don't see it becoming very popular. It just doesn't have the same feel as the other
El- names. But I could definitely see it as a "hipster" name like you said.