I'm sure for a lot less $ than a titanium Smith, someone could pick up "an old mauser, Moisin ,SMLE or a scattergun." And for $600-$700ish a titanium Smith would cost, one could purchase a whole lot of survival stuff and a whole lot of bear books.
But the original post asked about a handgun that was light enough to be used for backpacking and yet had enough firepower to defend against a bear. Seems like the titanium Smith fits what was asked about and it can probably be had for within $100 of what the underpowered Glock 30 can. (I say that 45 ACP is underpowered for bears - against human predators, it is very adequate). If I was hunting bears, I'd be recommending a .338 ultra mag rather than the 44. But given the parameters spelled out in the original question seems like "an old mauser, Moisin ,SMLE or a scattergun" does not fit either.
I like shooting and I like guns (but I don't like Glocks) so I view spending the money on a Smith as a good investment. There were no bears or pagan bikers outside my house this morning either. lol. But I'd still like the titanium Smith.
Actually, when it comes to bears and handguns, Burncycle had the best advice.