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 it depends on the bounty hunter itself, as he/she takes the risk to invest his/her money from bounty campaign and to join and become a whale in the cryptospace. But I see, many bounty hunters are afraid to take this risk as their profit is not that big enough.