this is mostly because the bounty hunters will do it for the money, the bounty hunters sell tokens after the project goes on the exchange, it is like the project is paying ads to the bounty hunters.
Of course they can sell immediately, because it is money and reward for their work. But I am very upset with projects that delay distribution and offer many reasons to protect prices, which are really bullshit projects and not worthy of concern.
I agree any project that needs to protect the price of their coins by delaying the distribution of tokens to bounty hunters is not really a project that you should look into it, if the developers are worried about some bounty hunters selling a small amount of coins then this means they have no faith in their own project and they are just trying to keep up with the appearances, after all even if they do this a whale could always sell his coins and crash the market anyway and yet when that happens no one blames the whale.