Bone is a composite material, consisting of a matrix of collagen (which gives the flexibility) surrounded by calcified tissue (hydroxyapatite; which gives rigidity). Remove the calcium and you get a floppy, porous rubber-like core. Remove the collagen, and you have a brittle stick.
Bone is three times as heavy as most bow woods, but also about three times stronger (according to the paper I discussed). So per unit of mass, you get about the same compression strength as wood. You can compress it a bit further than wood, in theory, according to these lab results, that may not represent actual conditions in which we shoot bows.
Antler is also bone, by the way. Ask people making antler bones how they perform.
Many people will talk about "elk horn" (including the bowyer in the video below), but antler is bone, not horn.
http://www.primitivearcher.com/smf/index.php?topic=49910.0https://www.youtube.com/watch?v=STP-n-s_Ji4Check this one out, especially
https://www.youtube.com/watch?v=JmfYJBha7SUand
https://www.youtube.com/watch?v=LpkLs_3jpI4 (shooting at 5:39): wood handle, working limbs of caribou antler and a sinew cable (see 7:45 for details)
And also see this thread from 2010:
http://www.primitivearcher.com/smf/index.php?topic=20199.0quoting KenH: "I would guess that if bone were a reasonable substitute for horn, this whole conversation wouldn't be taking place, because we'd have seen lots of examples"