KYC stands for Know Your Customer it implemented only for all the investors of the project in order to know their credibility as an investor and make sure that the money their going to invest is not from illegal activities or money laundering.
For what I've known there are 2 reasons why KYC is implemented on the bounties:
1. To control the greed bounty hunters who uses different altcoin to abuse the campaign
2. To steal your Identity (Identity theft)
And for your topic which is team needs to pass KYC... and where are they going to conduct their KYC test? the thing here is that the investor and everyone of us should study the project first and don't easily give our personal information.
When you are talking about KYC stuff for the dev team, it will be answered by how far they are disclosing their profiles via the reference links such as linkedin, social media profiles and other works published. It is up to you to determine the authenticity of those given information. No one can really tell you, who is the legit or who is faking it? But even if they are providing you those personal info, it doesn't mean that they will not screw people. Most of them know how to get around laws and regulations and most of the time, they will register their project to a country with very loose crypto regulations. So it is really hard to come after them, if they run away.