We don't eat bugs because historically and culturally, bugs have been a sign of spoilage and infestation. Some cultures do eat mealworms, but this almost exclusively happens in places where agriculture is difficult and high quality protein sources are rare.
Another reason why we are averse to eating bugs is that they are eaten whole. There are few animals that we consume in their entirety.
Ways to get around both of these issues ultimately come down to processing. Chemical processing has the potential to extract the proteins while rendering the result into a form that is unrecognizable as being derived from an insect. But, for my own personal tastes, I am not any more or less inclined to want to eat a mealworm than I am inclined to want to eat the intestine of a cow. It's just that, on a cow, it's a lot easier to separate the muscle tissue from the organs.