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
I think bounty and airdrops hunters has also an important role in any project, the first thing those social media pages needs followers like in Twitter, Facebook, Reddit, Linkedin, Telegram without bounty and Airdrop hunters those pages is empty and thats a fact. the second thing is where you can find any advertising purposes that accepting "worthless tokens" as payment meaning no value because it's not yet listed, except those bounty clients that paid directly in BTC or ETH, any bounty campaigns have no guarantee to earn thats why it's like a gamble to anybody. thats why it is very inappropriate to say that those bounty clients are wasting their funds to pay unproductive bounty campaigns because the truth is they won't pay if those fundraising campaigns in ICO, IEO is unproductive because they won't raise any cents if those campaigns were unproductive. But we can't deny also that some bounty hunters are using the shady method in many bounty campaigns.