We report the results of Brillouin-Mandelstam spectroscopy and Mueller matrix spectroscopic ellipsometry of the nanoscale 'pillar with the hat' periodic silicon structures, revealing intriguing phononic and photonic-phoxonic-properties. It has been theoretically shown that periodic structures with properly tuned dimensions can act simultaneously as phononic and photonic crystals, strongly affecting the light-matter interactions. Acoustic phonon states can be tuned by external boundaries, either as a result of phonon confinement effects in individual nanostructures, or as a result of artificially induced external periodicity, as in the phononic crystals. The shape of the nanoscale pillar array was engineered to ensure the interplay of both effects. The Brillouin-Mandelstam spectroscopy data indicated strong flattening of the acoustic phonon dispersion in the frequency range from 2 GHz to 20 GHz and the phonon wave vector extending to the higher-order Brillouin zones. The specifics of the phonon dispersion dependence on the pillar arrays' orientation suggest the presence of both periodic modulation and spatial localization effects for the acoustic phonons. The ellipsometry data reveal a distinct scatter pattern of four-fold symmetry due to nanoscale periodicity of the pillar arrays. Our results confirm the dual functionality of the nanostructured shape-engineered structure and indicate a possible new direction for fine-tuning the light-matter interaction in the next generation of photonic, optoelectronic, and phononic devices.