When an E-4 calls me "hey" or "hey man" knowing that I am an officer, should I bother to correct him?

So, this is outside of work and he's not in your command... no.

If this were on base and in uniform, of course correct him.

You're human, right? The uniform doesn't make you the person you are. Try not to be one of those over bloated officers that can't just be human.

No dude..I disagree with most of the sentiments here, and I suspect it is because they're only reading the title of your question and not the details.

People are people, they need a chance to relax, and sometimes people need an opportunity to feel at least a LITTLE "important" or significant...however small that moment may be.

According to your statements, he is addressing you properly while in uniform (which I'll admit is a big MUST). Out of uniform? Leave the guy alone. That may be his little moment to feel like he can connect with senior leaders on a more Han level. And what you consider to be a small gesture of "correcting" him could be enough to crush what little spirit he may have left...over what is BASICALLY a non-issue.

By all means, if he had called you "man" at work in an inappropriate way, demolish him. You can't let that breed among the troops, and you need to set the tone of hierarchy.

But out of uniform? Don't make it a bigger deal than it has to be.

Besides, from a security standpoint, people addressing you as someone of importance outside of work is considered by some to be compromising. People outside of the force don't need to know that you're an officer. Just be a person.

I hated having to salute officers while in a combat zone, and had many conversations about how redundant it was. HOWEVER, coming from a Combat Veteran who has his CIB, AAM, ACM, and a solid leader… You 100% have the right to, and SHOULD, tell anyone to address you properly.

Absolutely

Absolutely. It is not just you, but every officer that you speak for. You cannot allow this kind of behavior to happen uncorrected. When you ignore a standard, you set a new standard.

Forgive me if I'm misunderstanding anything here, this just seems alien to me.
"outside work" Like at the local bar in civies? Did he know you were an officer?
If no - then it's up to you if you reveal your rank. I don't think there is any AR that specifically says you have to not while NOT in uniform.
If yes, if he knows and you're in uniform a correction must be made. When the **** hits the fan and you're having to give orders that will inevitably get soldiers killed, you can't be their friends and make tactical decisions without emotions getting in the way. That's the best piece of advice I can give. There is a reason you're paid more - with that comes with a limited pool of possible friendships.

Disciplinary Action called for. Never allowed.

Why is this even a question? Of course you should correct him. He doesnt or shouldnt know you like that. You need to keep that separation between you. First name basis or casual basis is a privilege and only shared between senior NCO's and officers and those who know each other well and have worked together for a long amount of time. Case in point, As an S6 and then a commander, I had a senior E-7 commo chief. We were both S-6 in an aviation unit. When I was the SIGO, we were attached at the hip. As a commander, he was my 1SG sometimes. We went through a lot together and we earned the right in off duty situations to call each other by first name if the situation warranted it. But even today, he is a CSM and I'm a retired MAJ and he still calls me sir sometimes...Dont relent on the standard. Uphold it. The OCS motto, and it sticks with me even today. STANDARDS...NO COMPROMISE!!!

Yeah, you shouldn’t bother him, you should lock his heels and ask where he did his basic training before educating him in properly addressing an officer.

Lock his heels and ream his ass.....Problem solved.