I would prefer something approaching the current bounty experience to still be in the game; being able to race an increasing bounty power curve is fun, and fighting ever-more-powerful fleets of varied pirates and deserters even after you've reached the payout cap is probably the most fun/RL time in the game.
It just shouldn't be mandatory for everyone; it's not fun if you're a new player who suddenly meets the drastic escalation in the current power curve, if you suffered a fleetwipe without a large amount of spares to just refleet and keep going, and if you're not concentrating on fleetbuilding to keep doing bounty hunting.
More bounties and more variance, and a way to skew the difficulty of fleets the bounty manager generates to suit personal preferences would be good (especially if the distribution is more proportional to changing the maxBounty size).
Another issue with bounties: they often end up in the same systems too often because of the way weighting is done. Even on large maps, the same few systems are weighted too highly.
With a bounty setting even slightly higher than vanilla, you can easily end up with 2 bounties in the same system, sometimes orbiting the same planet. I think the most I've ended up with is 3 in the same system, 2 at 1 planet, 1 at another. You also constantly come back to hunt down bounties at the same few systems over and over (when there are multiple similar stars in a constellation, it's pretty easy to guess which one the bounty is probably at because it's probably the same one the bounty was at every single other time in that constellation) because the weighting for picking some systems are very low and for other systems are extremely high.
Would also need to factor in ships in storage, and while not sure of a good formula for this off the top of my head? In an ideal world also credits, and production capability if you have colonies. All this to prevent cheesing it by spoofing the rig into thinking you are weaker than you actually are.
Same problem from the opposite side, if I want high level bounties to do later (hard fights are fun), optimal play would be to waste fuel/supplies hauling an excessively large fleet around to prevent the game from generating easier bounties.