Hmmm... as far as I can see, no one here has advocated a .44 mag snubbie. If you guys are referring to my Charter Arms Bulldog Pug, let me remind you that it is a .44
Special, not a .44 mag. Size-wise, it's somewhere between a J and K frame Smith. It only has a five shot cylinder. It's very concealable, quite light, and a joy to carry. Not so much to shoot, though.
I've never seen a .44 mag that would make a viable concealment gun. Carry gun, yes, if you can carry it out in the open in a suitable holster. Beyond just barrel length, the size of the frame and cylinder simply rules them out for concealed carry.
Here is my 3" Ruger Super Blackhawk. While its 3" barrel qualifies it as a "snubby", the cylinder, frame, and grip frame would make it very difficult to conceal.
Here it is with two "full size" .44 mags, a 6" Virginian Dragoon and 6" M29. As you can see, the short barrel makes little difference in overall size.
As far as the short barrels "wasting powder", it all depends on what you are after and how you load the ammo. I like W-W 231 or Unique in my shorter barreled, standard (non-magnum) velocity loads. I use W-W 296, H110, or 2400 in my "magnum" level loads intended for the longer barrels. There is a vast difference in burning rates between these two groups of powders, with the two faster burning powders excelling at achieving standard velocities in shorter than standard barrels. If you are not looking for true "magnum" velocities from the snubbies, they serve quite well.