The best replacement for mobile hotspot is tethering.

The best alternatives to mobile hotspot are rated as following:
★★★★★  tethering
★★★  usb modem
★★  cable internet
★★  wireless router
★  mifi
★  personal hotspot
★  satellite internet
★  aircard
★  phone hotspot
★  mobile broadband
★  phone tethering
★  home internet
★  jetpack
★  bluetooth tethering
  ipad 4g
  4g usb modem

Your alternative for mobile hotspot is not listed? Suggest!
Speaking about mobile hotspot, one probably shouldn't forget about tethering.

Other search terms related to mobile hotspot and their ratings are:

★★★★★ tethering
You have in mind a companion for mobile hotspot and it is not yet here? Propose!

Google Trends

Scale is based on the average worldwide traffic of mobile hotspot in all years. Click on graph for more.
mobile hotspot
usb modem