The round is extremely anemic, especially in plain ball format and is essentially like a .32 magnum pistol round. Less effective than a .38 special from a pistol with a decent HP loading.
I agree that it's a poor choice for hunting, but from a muzzle energy standpoint it's far more effective than a .38 special or even a .357 magnum, especially with hollow points. Comparison of muzzle energy barrel, 50 yards and 100 yards.
.357 (110 gr. Winchester JHP): 410 292
.357 (125 grain JHP): 583
Carbine (110 gr. Winchester FMJ):967 778 622
.44 Magnum (240 grain) 1044
As you can see, it has more stopping power at 100 yards than a .357 does at the muzzle, and few would consider a .357 to be anemic. And a .44 magnum isn't that much more powerful. The carbine works just as developed, as a weapon far more effective than a .45 sidearm yet far easier to tote around for logistics and support troops and officers than the Garand.
Now, a good brush hunting gun to consider that I'm not personally familiar with is the Deerfield carbine, based, I believe on the M1 action (sure looks like one) but in .44 magnum with a 4-round magazine. It generates a muzzle energy of 1796 foot lbs.
Charon