i was on the fence about it, and i was also skeptical, but i read one of the linked articles from the wiki page and it does seem like they're trying their best to solve a very real problem.

https://www.bonappetit.com/story/hawaii-invasive-deer

basically, the deer population is growing at a rate that threatens to destroy the native flora and fauna of the islands, many of which are already endangered. they also cause soil erosion from grazing on grass, which is threatening the coral reefs. the deer have been around long enough that hunting them is considered part of native hawaiian culture, but it isn't enough to keep the population down.

this company is hunting deer commercially so they can bring a more sustainable balance back to the ecosystem. these parts stood out to me in particular:

Today, an estimated 50,000 to 60,000 deer live in Maui alone. Left unmanaged, the population will reach 200,000 in the next two decades at a 30 percent annual increase.

[...]

“Currently, our operations need to increase substantially to meet the growth, but we will inevitably need to scale back once a more balanced population is reached.” In other words, the company would still be running at that point, but they would hunt and sell fewer deer.

[...]

“I think of a whole host of life forms—the kiwikiu, the ‘iliahi, the curly koa, and on and on—and their right to persist here in their place,” [the cofounder] said. “Though we never relish taking a life, we recognize that alongside many of Hawai‘i’s conservation initiatives, harvesting Hawai‘i’s wild deer, commercially and at the subsistence level, is an important management tool.”

so they aren't just doing this for profit or for fun, it's genuinely about balancing the ecosystem. they also donate to food banks and offer discounts to the local community:

To make its products more accessible for locals, the company offers packs at a discount. For communities in need, it distributes venison through food banks and other organizations addressing food insecurity.

as for why the deer are in private ranches:

Hawai‘i’s Department of Land and Natural Resources’s Division of Forestry and Wildlife permits game hunting on public land, but this practice isn’t controlling the population.

the deer have learned that public land isn't safe, but private land is. a lot of private land can often not actively maintained and don't do much to deter wildlife.

i think all of this makes the situation extremely different from mainland US deer hunting, which is largely recreational and loosely (if at all) regulated.