The dialogue between Father Wolf and Mother Wolf reveals that they are concerned about the threat that Man poses to their world. Father Wolf's irritation with the noise indicates that he is protective of his territory and is aware of the dangers that careless behavior can bring, particularly during a hunt. Mother Wolf's acknowledgment that it is "Man" being hunted suggests that she recognizes the seriousness of the situation and likely harbors fear regarding the intentions of Man, given the context of Mowgli's existence among them.
Therefore, the correct interpretation is that they are frightened for the man cub (Mowgli) and are aware of the potential dangers that Man represents in the jungle. They do not express excitement; rather, there is a clear sense of caution and concern reflected in their dialogue.