Bounty campaign is a good way for projects to spread the word and gain publicity in the cryptocurrency market. But it is not the best way to gain investors. Good projects don't depend on bounties alone to promote their token sale.
And this is because when bounty hunters post about a project, majority of these posts is only seen by other bounty hunters and not to the real investors. And these posts are just basic and can not convince good investors to invest.
Bringing in the investors and funds depends on the team's marketing ability and their ability to close deals. This is why good projects attend a lot of crypto events and network with people.
Though bounties help a project to create popularity and hype among crypto users, the main investment and funds is brought in by the team's marketing and closing ability.
I'm in total agreement with your opinion, it's actually true that most post made by bounty hunters are viewed by other hunters and the major investors won't be convinced to make substantial investment, simply by the posts made by bounty hunters. The team has to build personal relationships with key investors in order to lure them to make their contribution.