That said, bears (and especially wolves) surely represent minimal risk as compared to the elements and more generally being in got-damn space. Funny thing to worry about.
I think it might piss off one of the larger variety, fully grown Russian bears a little bit if you managed to hit it with that short barrel. It's a light caliber that's prohibited in some places for hunting deer because of its weakness (and that's fired through a long barrel, where all the powder gets to burn) and you wouldn't really expect that lightweight, fragmenting bullet to penetrate all the hide and subcutaneous fat of a fully grown bear, not to mention the thick bone of a shoulder or the skull.
I would guess a typical Alaskan pilot's survival kit might weigh the same or a little more than this contraption and contain a collapsible .22 rifle for hunting small game and a pistol loaded with hard-cast rounds (some big revolver or a 10mm Glock).
There is some fairly good info on what kind of bullet you'd want on these pages: http://www.garrettcartridges.com/about.html
The reality is, if you're in a self-defense situation with a large bear, as opposed to a hunting situation where you've stacked everything in your favor, you're almost certainly going to die. Stuff like the Russian contraption (or even the pistol I mentioned) is just for morale. Steven Colbert is totally right about bears.
It's really not the best choice for bear-hunting, but it is possible. More problematic is the barrel length and capacity than the cartridge per se.