I think there are some genuine and legitimate issues against handgun hunting in the minds of many hunters. And when i say legitimate, i do not mean 'correct' or 'accurate', but that the concerns are based on something real.
One such thing is the natural dis-inclination towards using 'marginal' tools. Most hunters feel that we owe the animal as clean a kill as we can reasonably deliver. If you make hunting 'more challenging' by increasing the chances of a bad hit - you appear to be violating that principle.
Bowhunting (which was also held in distain by many for years) is a little different - it's an entirely different way of hunting and they only way to experience it is with a bow. But if you just want the 'challenge' of shooting an animal closer than normal - hold your fire till you GET closer then shoot them with a 'real' gun. (this is me explaining the argument btw - not necessarily my opinion).
Now - i can understand those arguments. And they DO hold some water. But i think if people knew more about hunting handguns they'd probably understand that those fears are already addressed.
I also think that 'handgun hunting' brings visions of people 'quick drawing' on a deer and the bullet could go anywhere.
Education is the key here i think. I was against the idea myself, till i started reading a bit about it. I think that there should be required minimums (hunting deer with 9mm's is obviously a mistake) but that if done properly, you wouldn't notice any difference between handgun hunters and rifle hunters as far as 'results' and ethics goes. I'm told it's not significantly harder to get in the 'kill zone' with a proper handgun at 100 yards free hand than it is to get into it at 300 with a rifle - and how many guys do that?
Personally, i'd likley only be interested in grouse with a 22, or possibly small game like yotes and such. (mainly when i'm out hunting something else.) I'd also like to have one along for bear protection, so having the excuse that i'm 'hunting crows' with my 44 mag works for me during the summer
I think it's definitely worth looking at - the question probably shouldn't be 'should we do it' but rather 'how should we do it'. In other words - what parameters would be best to ensure people aren't being stupid but ARE able to use handguns.
Even if they 'first' brought it out for small game only, that'd be a big step. I don't think most hunters would have a problem with being able to fetch a grouse with a pistol while they were hunting deer. Once that mental 'barrier' is broken - it's easier to have a real discussion about the issue and get people onside about using handguns for bigger game.