protect from what ? Ieo does not protect anything but they will only protect their own business from scammers and hackers . They also protect their business from the authorities in which they will get certification and approvement from the local government so that this will make thier business more legal .
Speaking of protect , bounty hunters dont get any protection from someone else but bounty hunters should only protect them selves from those fraud and scam projects
You are wrong if you talk about binance IEO but for other smaller exchanges IEO, you may be a bit correct. Binance has none of those bad intentions you listed here and yes they are capable of protecting hunters in the sense that they will never register a project that doesnt have integrity because those ICO that doesnt not pay hunters after campaign lacks integrity, but since an exchange would have certified whatever project they are promoting, if such company had conducted bounty campaign before like harmony, then it is obvious that they will pay their hunters.