+1 to this idea, Fugitive status on a galactic scale for high crimes would be a good balancer IMO
True galaxy wide bounties wouldn't make any sense. I.e. why would the Empire care how many federation citizens you killed? In fact they would probably reward you for your good work. So major faction bounties are technically the hardest punishment possible. We did have those prior to 1.3, but obviously the Devs thought it was too harsh and reduced it to minor faction bounties only.