ICO and IEO are for raising funds, what about bounty? To create awareness around the web to get more investors right? This makes it two ways for projects to gain investors, I would have said ' why do new projects need bounty hunters for then' but bounty hunters are playing a big role here as you can see that's why we keep seeing bounty campaigns from IEO projects, although not all of IEO cares about bounties
Some projects need bounty hunters to gain attention. This is of course depends on them if they wanted to rely on promoting their project. Likewise, what would be more effective? Putting an ads on cmc and famous sites that promotes crypto or employ hunters to do this for them? The answer is simple, and will depend on their funds. If they choose the advertisement on big platform it will eat a lot of money and therefore they resort to the use of campaign which pays tokens which they arent need to spend any fiat value or major coins to gain marketings.