It's always possible, I suppose, that the two distinctions still exist and represent two different types of individual. However, I think it more likely that hobos are figures of the past while homeless people entered the collective consciousness when President Reagan "liberated" schizophrenics and veterans with PTSD from mental institutions.
It used to be quite common to see children dressed as hobos on Halloween. On the other hand, one doesn't usually see kids costumed in mismatched layers of smelly outerwear pushing overflowing shopping carts.
Hobos were not forced into homelessness; they actually chose it as the freest possible lifestyle.