I think the several experiences in working with different projects has made bounty hunters very experienced. They can determine a good project from the start but some of the investors are just new and do not really determine a promising project from a scam and in the end scammers run away with their money. So bounty hunters who invest in ICOs will never invest if they do not trust the project.
I don't think it depends on whether you are an investor or a bounty hunter, instead, it is more about the will you have to learn, I think both types are being exposed to a lot of content referred to cryptocurrencies in general and they both have the same opportunities of learning and understand it.
As we know that it's true too that there are also bounty hunters that just participate in bounties without research on the project, as long as they are fine with the rules or payment. But, there are a lot of veteran bounty hunters here that studied the project before participating in it, so I think they also have more understanding in crypto/project.