I've tried bounty hunting.
First, there is not much money in it, compared to other professions. It's just an excuse for legalized combat.
Second, you should do it far away from your home systems. Hit a local faction enough, and they will start hitting you. Great, if the only gamestyle you enjoy is combat, not so great if you plan on doing anything else in your local area. SJA's critters will follow you.
Third, Death Ships, and wings of them, owned by the local offended faction, with full shields and outfitting will start jumping your Adder (or less), even if you think changing ships down will change your opposition. That rep is forever, tied to your player name.
It's almost as bad as the internet...
With Power Play coming up, I can see a lot of clean saves coming up as well, since that is the only way to clear a bad rep. Once you've been operating in an area for a while, your friends, and enemies, start to crystallize. Make a friend, and you have also made an enemy. Perhaps several enemies. I've noticed minor factions, even those friendly to me, are attacking me due to my being allied with one faction or another. This occurs, even if I do jobs for that faction, or have never attacked any ships of that faction.
I'm allied with the controlling faction in my home system (surprise, they have the shipyard, and all the other goodies). This means all of the other minor factions will try to hit me at some point. I'm friendly with a controlling faction in another system that is expanding. I get hit with the local opposition.
This may mean a "hobo" style of play for many, trying *not* to get aligned/hostile with any major faction. You will need a scorecard, in the middle of battle, to tell which major faction is aligned with who you are in combat with.
Or, we can all go exploring until we have to self-destruct.
Thanks, combat players and guild guys!