Icos look for bounty hunters to promote their project through the power of social media.Sometimes, some of these hunters also double as ico investors. But it looks like bounty hunters understand ICOs project and are able to determine very good projects before they invest because of their experiences in different projects.
I think after they got their money in the bounty campaign it is their choice if they are going to invest their money in some ICO. but bounty hunter that becomes a investor is really possible.