Absolutely not. Bouncers have been a part of fast bowling ever since overarm was introduced. Remember, there are 10 ways to get a batsman out in cricket, and not all of them involve the stumps. Bowling a bouncer to force the batsman onto the back foot, giving him something to think about, maybe even pop up a catch, is a perfectly legitimate tactic. Bouncers are never used to try and injure a batsman.
Phil Hughes's death was tragic, incredibly tragic, but it was an accident. No one inside the cricket world has been calling for the bouncer to be banned, and I doubt Hughes himself would have wanted it banned either. It was telling earlier this week that it took about 20 minutes of the first morning of the Adelaide Test for the Indians to bowl a bouncer, and Sean Abbott bowled a bouncer on the 5th ball of his first game back.
Improve the way helmets protect the head, sure, but do not tamper with the game itself.