If ICO project failed to reach softcap , the token will be no value.
So, bounty participants will not be payed. Even they payed the token will be worthless.
Right, if a project is failed to raised its soft cap from ICO token sale, it is valueless project. Tokens will not enter into the exchanges and bounty hunters will not get any payment as the project failed. Sometimes some projects don't pay to the hunters after passed ICO by showing lame excuse.