I theorize the 17HMR was never intended for medium sized animals. Can it kill them? Sure, I've shot coons with the Vmax, foxes and rabbits too. Our foxes are usually 10-12 pounds and most coons are 10-15 pounds. The larger 20 pound coons often require a second shot to anchor them with a body shot. Then again, coons have MUCH thicker skin than foxes, rabbits, or cats.
Obviously the HMR is good at destroying smaller varmints. Ground squirrels here have bodies the size of a 12-20 ounce beer can. That's ideal for the HMR.
I'd guess a reasonable limit for the 17HMR is around 15 pounds, after that you're pushing the limits with anything other than a perfect shot.