I personally think the main reason why bounty hunting is not as profitable as it used to be because of the market conditions which is making it hard for ICOs and projects to raise money for their project. Trading is a really different thing and it is not every body that have the knowledge of trading which is why most people are still participating in bounties.
Bounties were interesting when demand was higher than supply, but now there are so many projects and free tokens that the prices must go down.