Of course it does, to the extent that the term 'hybrid' has any useful meaning at all. The re-purposing of mtbs to street riding is in fact the origin of the marketing term 'hybrid'. Most 'hybrids' sold as such these days tend to fall into one of two main categories: "twenty-niner light" (with or without front suspension; examples: Trek DS; Giant Roam; Specialized Crosstrail); or "flat-bar touring/commuting/fitness" (examples: Trek FX; Giant Escape; Specialized Sirrus) and/or "flat-bar road bike" (examples: Giant Rapid; the high-end carbon Specialized Sirrus bikes).