I think it can be a good decision not to do bounties. It has pros and cons of course, but at least there won't be the usual bounty dumpers.
Imo, bounties are a marketing tool designed to bring more awareness to the project and in turn will bring more potential investors into it.
I think this decision was made due to the fact that potential investors in the business. A bounty is advertising, directed in all directions, and simply will not reach the target audience. Well, it's only guesses, maybe I'm wrong.