I don't know about now, but when I was going through high school, most of the Latin American friends found the term "hispanic" a little offensive. They used to say, where the hell is "Hispanica?" I don't see it on any map.
Latin Americans are a very diverse group with very different cultures and histories. But for whatever reason, the marketers, networks, pollsters, and etc... like to lump them all into a single box. Until they take the time to understand the diversity, I think they will continue to fail in reaching them.