The .38 is a fine cartridge. I use it in lightweight pocket revolvers, full size duty revolvers, and long barreled target guns. I sometimes also use .357 in the latter two.
There is a reason that the .38 special was the main police service cartridge for most of the 20th century. Because it works.
Remember though that today's standard loads are watered down versions of standard loads of 40 years ago. Today's +P is what was the standard load of 4 decades ago. Back then there were also things called "Super-Vel", " Hi-Vel", ".38-44" and the like. Those loads dabled into the low to medium end of today's .357 Magnum loads.
Of course today, projectile design has eliminated SOME of the need for the higher velocity. Newer bullet designs such as Gold Dot, Ranger T, etc do a lot to make up for the lighter loads that the manufactures give us do to the litigousness of our society.
As some have pointed out, the human body has not gotten stronger since the first half of the 20th century. I would point out, that in some ways, it has gotten weaker. As a whole, fewer of us regularly do hard physical work that make people stronger physically. More of us sit at a desk and type, than ever before. Children sit in front of a monitor and play video games, instead of running around playing tag, cops and robbers, or kick the can. Yes some of us go to the gym and work out. Yes, health care is better than ever. But are we physically stronger, or even as strong as previous generations? I think not.