I remember a Russian vanilla server that had something similar; it wasn't for bounty hunting, though. It basically gave you a number of credits each time you killed a player in PvP and the amount increased the higher your kill streak was. Fun stuff.
My question here would be: Seeing that Nomads/Wild are often bountied Sirius wide, would killing them also award cash, seeing as the Wild and Nomad indie ID are defined as unlawful.
EDIT: What about ZOI of bounties? Wouldn't your idea encourage extreme blue-whoring?