Hitting a bench chisel with a hammer, unless it's metal capped or hooped, is a terrible practice.
Observing what was offered by manufacturers of the past, when these tools were more widely used, can be give us clues as to what was the state of the art at the time.
As can be noted in the catalog and any other catalog you can find online, the hoops were reserved for heavy duty chisels.
Here's another reference,
https://williammarplesandsons.com/chisels/, none of their handles had leather caps. They did offer hooped handles, though.
I may be mistaken, but the only handles I've seen with leather caps are the Stanley 7xx types. If you ask me, more of a gimmick than an improvement.
Heavy malleting will eventually crush the fibers of any handle, the hoop will mitigate that.
Rafael