There really isn't an either/or approach here. The HSR currently under construction is designed to ferry people between moderately sized, moderately spaced cities at a moderate pace (the fact there's a monumental price involved in its construction is secondary). The hyperloop is designed to ferry people between two huge cities (if you count Northridge as being LA, anyway) at a very fast pace.
They may have spun the HSR as a superior option to flying or driving but it has applications, particularly if you live in places like Lancaster, Bakersfield, Merced, or Palo Alto. The hyperloop would do nothing for these intermediate communities.
That said, I definitely prefer the hyperloop if the only criterion is cost-effectiveness. Just because something shinier comes along (not even a test track yet) doesn't mean we should mothball the other thing.