Bounty hunting isn't paying as it used to be before because they're lots of bounty hunters now which makes the rewards less and there are also lots of scam bounties which wastes your time. If you can thoroughly search and screen your bounties then it would pay a little more.
I think I strictly agree with your point. The fact that bounty hunters are not making profits doesn't signify that everything about bounty is a loss. There are still good bounty campaigns out there.