Honestly, my biggest criticism with any bounty system in this game, or any game, that allows respawning is the fact a smart target could have a friend kill them, launder the money, and then give the money back to the target. Essentially 'Free money'.
This is very common in games such as 'EVE', where 'tis quite inconvenient to lose one's ships, but bounty hunting is basically non-existant, and only serves to either inflate the target's massive ego, or give them free money by having friends kill the target.
What WOULD be incredible to have is a /bounty system that makes random BHG NPC's spawn around the target, and focus on ONLY that target, like the /drone command does. The higher the bounty, the more powerful (and possibly the more frequent) the spawns, ranging from a flight of fighters to even flocks of battleships and CDing cruisers around a 1 Billion bounty target.
And get this... the BHG NPC's will NEVER Stop, and can spawn from almost anywhere they'd logically be able to reach (so Heavy Nomad/Guard/Pirate systems are somewhat safe).
Now THAT would truly serve the purpose of inconvenience. And the only way for the target to lose the bounty is either of three options:
1. get killed by those NPCs a number of times
2. go to a bar and type /bountybribe to pay a fraction of the bounty
3. have the bounty owner retire the bounty order
The money DOESN'T GO TO ANYONE, and disappears into the oblivions once the bounty's been concluded.