I personally do not consider hunting a "sport".. I don't think there is anything sporting about it other than the way we treat other hunters. To me this is proper conservation management and necessary.
Second..... this is my favorite thing to do. I save a week of vacation just so I can hunt (and get paid while doing it, LOL!), and it is a shared family event. I still hunt every year with my dad and sister! Just like anything you enjoy, you don't
really think about the cost involved if you enjoy it.
Once the initial cost is invested. A good gun will last a life time if properly maintained. I've been shooting the same Remington 1100 20 ga since I was a young girl (hunting over 34 years with it)
Clothing options change as we get older. When I was young, jeans and a red plaid hunting coat and orange hat and snowmobile boots were enough to keep me warm. Over the years I've invested in a good suit and boots.. (good boots if you hunt in the colder climates is a MUST)! Tree stands, tents, I buy at end of season on sale. Never have to pay full price for stuff. Also craigslist and yardsales are great places to get good deals on stuff.
Time invested in hunting itself... depends. It's different every season, every day........every second. One year I filled a tag opening morning at daylight... the next year I didn't see or get a darn thing after hunting 2 months (week off, holiday weeks and all weekends in Nov/Dec). Some years I've gotten deer on the last day, just before dark. There is NO guarantee that you will or will not get, or see a deer.
There also should be no misses or wasted ammo. One shot is all it should take to bring down a deer. If someone is missing a lot or using multiple shots to kill a deer, then they need to spend some time PRE deer season, sighting in and honing shooting skills practice. The hunter should never take risky or questionable shots... if it's too far or a bad angle or theres' too much brush etc... they shouldn't take the shot. There is a lot of ethics and patience in hunting... Unfortunately many people choose not to use either. I'm not perfect cause I am guilty of it myself.
So, costs for me are generally, a couple boxes of shells, to check sites and for hunting, and the licenses (buck and doe are separate in MI)... I do send mine out for processing, but it's just a time factor for me. Plus they vacuum pack it for me. 65$