According to a blue post today by Eyonix, the announced plans to remove consumable ammunition in 3.1.0 to help hunters with bag space have hit a little snag.
Unfortunately, this intended change will not be completely ready in time for patch 3.1.0. We still fully intend to move forward with this change when the additional functionality becomes available, and for 3.1.0 we still intend to remove the need for pouches/quivers by greatly increasing the stack sizes on arrows and bullets, and the haste bonus from the bags will be preserved in another fashion. We’ll be sure to inform our players with further updates once they become available.
So while it seems ammunition will still be in the game in 3.1.0, we'll be able to stack more in one slot. Sounds good to me. For all you hunters out there, what are your thoughts on the ammunition changes?