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 think those bounty hunters who started in 2018 will not invest in ICO for long time because they see how the token price of most project goes down right after listing.
I think that it would be different because they can invest in the coin if the coin is profitable enough.