The problem with bounty hunting right now for me, it's not really bounty "hunting". It's bounty duck shoot
Isinona's latest video is a great illustration of how bounty hunting should be. Using a bunch of tools/skills/risks with a potentially high pay-out at the end. It should be rewarding for the patient. To some degree he's role playing though as one could get a similar bounty pay-out at a nav-beacon, but this could be more routine game-play eventually.
Frontier had some good mechanics that let you track ship registration codes through hyperspace clouds.
I suspect that, as with every career path, the first release's base mechanics are at 1.0. The announcement yesterday that 1.1 would have "more ways" for players to 'collaborate' and the upcoming Fer-De-Lance (traditionally a bounty hunter leaning ship) might mean this career is up for some love soon.