How about doing to the Bounty Hunters the same that was done to the Mercenaries in 4.84. Take away their capital ships. It's not like these ships are being employed to the end they were commissioned to anyway. The vast majority of the Bounty Hunter capital ships (cruiser up) are being used to gank pirates in core systems. I reckon this would grant back the BHG their due status in House territory.
EDIT: At least it worked for the Mercenaries. The class is more respected and serious nowadays.