Remember all the weeping and wailing and gnashing of teeth on both sides when they reintroduced wolves to Yellowstone in 1995? It was a huge debate, and while I supported bringing back the wolves I also had great sympathy for the cattlemen and shepherds on the other side, my grandfather was a cattleman after all.
In the end I think it all worked out, compromises where made to allow ranchers and shepherds to protect their livestock (though at first they where far to restrictive, and had to be changed to be feasible). The wolves have spread out all over the greater Yellowstone ecosystem with a few moving as far away as Northern Utah, and AFAIK they have put no cattle or sheep folks out of business. Has it been an inconvenience for them? Sure, but much, much less of an inconvenience then bears (and lions too for sheep) which they have always dealt with.
All the predictions of the Yellowstone wolves wrecking the hunting industry in Montana and Wyoming have proven totally false. Hunting is a huge tourist attraction in Montana, guides where worried about wolves taking to many Elk. Turns out to be total BS, grizzly bears kill more elk then wolves and have always been around, and the bears have a much bigger impact since they tend to take reproducing cows and calfs, whereas the wolves are more inclined take tired old bulls which might not make it to the next hunting season anyway (because wolves hunt most actively post rut, when the elk are snowed together, the old bulls have expended their energy rutting, and the bears are hibernating). Sure the wolves now kill their share of elk too, I got to watch them do it once and it's very impressive. But elk that the wolves take are only small dent on top of an already massive dent that grizzlies and humans already make. And after all that, more elk die from natural cause every winter then from all predators combined.
Call me a tree-hugger if you want, I call myself a conservationist (because the term environmentalist has been hijacked by crazy extremists and politicians) and I believe humans have a responsibility to be good stewards of the resources we have. Since we've kill of and displaced so many natural predators, part of that stewardship must include humans hunting, and so I very much support hunting, and hunters rights. At the same time I don't think we should be exterminating any more natural predators, if humans get to hunt a few less deer and elk, so that the wolves, bears and lions get to live, that's part of that stewardship I feel.