As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?
As others in this thread already said there can be a lot of different reasons why a project team has to update or switch to a new token with a new smart contract address and just for fun is not the reason in 99% of the cases in my opinion. The first and most severe one for me is that there was a major bug in the first smart contract code. In that case you have to halt the blockchain or remove the liquidity from the token until you have a fix for the bug and then the old tokens can be swapped for the new ones.
Another reason is that the project is building it's own chain but is not finished with it yet. Then you get a ERC-20 or BSC token and once the own chain is done you can swap to the new native tokens. Radix did it that way for example.