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.
Yes, only bounty is not sufficient for advertising the crypto project. But it is not easy to spread it all over the world through the crypto events and crypto network. Because cryptocurrency is prohibited in most of the countries. All these countries will restrict these crypto networks if it is used for advertising crypto project. Rather thousands of bounty hunters are helping to advertise all over the world through social media where govt cannot impose any restriction.