Bounty hunting will not net you a lot of money. I tried it out and I managed to earn about ~15k in an hour, camping one of the nav beacons next to a star (not really trying hard, already have some money banked for insurance and gear). There is pretty much no other way to gain money from killing other ships, though. So I plan to keep on using it.
If you are after cash - you can easily obtain ~2-3 million creds in a few hours (4-5, maybe 6), using the cobra and then the type-6 for trading. That's what I did.
Then, having 2+mil, I bought and equipped the Viper. Trading is quite boring atm, so ship hunting is pretty much the best option. I've placed my bets on the cannons and so far I am extremely happy with them. I found out that two setups are the most fun for me: 2xC3 m-cannon (g) + 2xC1 m-cannon (g), or 2xC4 cannon + 2xC2 cannon.
Both are a joy to kill with. You can kill any ship in the game with these (1v1), and probably easily deal with 2v1, maybe 3v1 scenarios if there aren't many missiles around.
Regardless, if you are in it for the money - don't expect much. If you want to have fun - get the scanner and scan any ship you meet. Try to keep a distance of 900-400m while scanning them, then immediately fry them if you see that they are wanted (lower left corner will update from CLEAN to WANTED in red).
I wish I could do this with someone else, as this game has been great fun for me, but has to be the loneliest mmo I've ever played.