Never really thought about it, but it is a rather interesting question. Depending on which dictionary one uses it could fall under fishing, or not. One also has to determine the definition of "catching" and this again still causes some gray areas when attempting to firmly classify "bow fishing". I don't buy the argument that because it's classified in the fishing regulations under aquatic life that it therefore is fishing. First off, it's there because of the quarry and convenience, not necessarily because this is the true classification of the deed. Why would one look under hunting regulations to find out to harvest a fish? Secondly, it wouldn't be the first time the DNR was WRONG - lol!
Personally, by traditional definition of "fishing" I would say it is closer to hunting than fishing due to the projectile being used to harvest the fish. But then again, netting fish or crab "fishing" is also really not "fishing" by traditional definition, yet we use the terminology "fishing" when discussing either. BUT, again - I contend this is due to the quarry we're after, NOT the method used to capture that quarry. My vote goes to it being classified as "hunting". After all "the act of pursuing game" seems closer to the task at hand than the traditional, hook and line definition of "fishing". "Fishing" to me involves provoking the fish to strike a bait, not striking the fish with a projectile....