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.
Cheap marketing tool, devs pay with money they don't own.