It is to control the center from the flanks (Like fianchettoing your bishop.) instead of occupying the center with pawns I think.
Sorry I probably misspelled fianchetto.
Hypermodern theories
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All openings usually try to get control of the center in some shape or form. In the classical era, this was usually done by occupying it with pawns. The hypermodern era is when chess players discovered that it can be equally viable to control the central squares by threatening them with pieces.
Look, I don't play the Grünfeld Defense at all and I actually hate to play against it, but let's look at the variation I end up playing because that's the one I understand up to a point:
This is a game I played in this exact line. I don't understand precisely where me or my opponent go wrong, but there might be some who can explain.
What are the ideas and theories behind hypermodern openings? I play the Grunfeld and know the lines, but it's just ridiculous I don't understand the theory behind it. So recently I just switched to Slav. Can someone help me on this. Also what is the pros of cons of playing hypermodern vs classic?