Tracfone user here (sister company) and it will not act as a hot spot.
I think it will (try) use your Hughes connection and will use data at a terrific rate.
A satellite connection does not lend itself well to massive streaming.
For more info see these two sites:
http://www.tomsguide.com/us/what-is-google-chromecast,news-17637.html
http://www.tomsguide.com/us/chromecast-how-to,review-1811.html