We report an hyperspectral imaging microscopy system based on a spectrally-shaped illumination and its use to offer an enhanced in-situ inspection of a technological process that is critical in Vertical-Cavity Surface-Emitting Laser (VCSEL) manufacturing, the lateral III-V-semiconductor oxidation (AlOx). The implemented illumination source exploits a digital micromirror device (DMD) to arbitrarily tailor its emission spectrum. When combined to an imager, this source is shown to provide an additional ability to detect minute surface reflectance contrasts on any VCSEL or AlOx-based photonic structure and, in turn, to offer improved in-situ inspection of the oxide aperture shapes and dimensions down to the best-achievable optical resolution. The demonstrated technique is very versatile and could be readily extended to the real-time monitoring of oxidation or other semiconductor technological processes as soon as they rely on a real-time yet accurate measurement of spatio-spectral (reflectance) maps.