Bounty campaign is not fraud. What bounty hunters do is to attract people’s attention to a project. That is how the potential investor will get to know about a project. It is up to the investor to do his background checks and then decide if he wants to invest. Bounty campaigns are very good and they contribute immensely to the success of every project. Would you say a product I’d fake because manny people are advertising it?
Potential investor looks at the project and see 20K followers. And he thinks: wow, so many people are interested in this project, probably they want to use this project! Looks legit, i'll buy! But he doesn't get that this is just hunters that really don't interested in it.