Thats called a bow. It makes the hunting rifle look like a resource hungry hog by comparison in that scenario.
Firearms are for oh crap scenarios when you've got a lot of zombies coming at you. Outside of horde night that's mostly an indoors thing, and horde night has a nigh endless supply.
And thats the issue, the kill rate of the hunting rifle is wholly inadequate for that. The AK can kill rapidly and at similar ranges, (fire in 1-3 und tap fire bursts), and can repeat the dose far faster than the hunting rifle.
Now the Marksmen, thats a wholly different beast, an actual magazine means provided you can get quick headshots you can hold your own with the AK as you can follow up about as often as the AK can plop out a burst.
The reload isn't just about the time ethier, being able to keep aiming means you can be lining up the next shot in the downtime. With the hunting rifle you have to get the sights back after the reload before you can more than loosely point. That induces and extra delay above and beyond the simple time between shots.
I don't know what you've been doing with the hunting rifle but I've been able to keep my sights on enemies while operating the action with the hunting rifle. The reload animation in my experience completely ignores whether or not you're aiming.
By no means am I saying the Hunting Rifle is better than the marksman rifle either, I'm just saying it's not useless, and I've definitely gotten away with picking off zombies a LOT with the Hunting Rifle, and fully equipped with a long scope, suppressor, bipod and with the right perks, it can be remarkably effective, it does have some advantages over the bow, however.
1. You don't have to draw it and hold down the fire button to have a shot ready. I've been in many situations with the bow in which I was not able to fully draw the bow before the zombies closed in. The ability to snap-shoot is very, very valuable.
2. The arrow of a bow has significant drop, inferior accuracy and bows don't have very good sighting options. A hunting rifle uses rayscanning, thus has a way higher effective range, much higher accuracy, and can also mount an 8x scope to fulfill the task of the marksman rifle in the early game.
3. While the bow's ammunition is very easy to craft, the Hunting Rifle's very good accuracy, damage and range means that with the amount of 7.62mm ammo you do find (it's by no means rare) you can get by without crafting the ammunition, and while the bow's upgrades are lacking, the hunting rifle has more potential.
4. If you have non-running zombies and you back up slowly and methodically fire the hunting rifle at the zombies' heads (you walking backwards will draw them into a disorganized pursuit and they'll just follow you), you'll likely thin the horde down rather easily. You can kill hordes if you're disciplined, patient and skilled with the hunting rifle. I have loads of experience since I've been playing the game since before the AK-47 was introduced and 99% of the kills I got were with the hunting rifle, backing up slowly, and methodically picking off the zombies one at a time. In fact, I didn't have an automatic weapon at all in that save file (the SMG was practically impossible to find).
Now, if you have a marksman rifle, should you pick a Hunting Rifle? No. Marksman Rifles ARE better. But comparing the hunting rifle to a bow isn't really fair to either the bow or the hunting rifle, and a hunting rifle is still an excellent weapon when used correctly.