I don't think you could really label anything in .308 a "toy." It's essentially Ruger's take on an M1A SOCOM. I haven't heard much about it, because most people I know who are looking for a more tactical 308 CQB rifle go with M1As. But I know there aren't a lot of them out there.
Based on my experience with 16" SOCOMs, it should be just fine for hunting. You lose some overall distance and velocity, but you probably aren't planning on hunting grizzly bears at 800 yards, so I think you should be fine. I've never had an issue hunting with 16" rifles, including 16" AR308s.