Are We Cool Yet? is not a coherent organization; rather it's something akin to Anonymous. By tagging a piece AWCY?, it becomes AWCY? A bit like this.
The actual phrase "are we cool yet?" is a semi-obscure in-joke/meme in the anomalous/post-real art world. This tale is the origin of the phrase "are we cool yet?," not the collection of hipsters we all love to hate.