If I'm static for more than a few days (i.e. hammock camping), I'll just make a little platform to hang my pack and other kit. For actual backpacking, I've hung my pack on a tree, covered with the pack rain cover when the rain was so heavy I had a small river flowing under my hammock (my foot pad almost floated away. Outside of that one time, I just prop my kit on a rock or my foot pad, or just rest my pack in side the pack rain cover on the ground with zero issues.
Now, I do like the idea of a ground cover when I have to "go to ground" with my hammock. In areas with no trees or structure, or if temps are too cold even with my 3/4 under-quilt. I like to put a very light ground cover down, and then I can lay my hammock on top with sleeping pad and the rest of the insulation inside (I support the structure of my hammock with just my trekking poles; not to support the weight, just keep the structure when grounded...basically a bivvy bag).
ROCK6