Don’t get me wrong I fully agree the current bounty mechanics (namely how the payout works) is meaningless and dysfunctional. I understand the reason why, as people exploited the system through the use of alts and filling their cargo hold with junk to earn their own bounties. Still as a result of the nerfed bounty is meaningless, maybe that is why it is mostly used as a joke on new players instead of its intended purpose.
Not sure how to correct it, I saw many threads about this on the old forums, reddit and so on and so far nobody could offer a good way to repair it so it can not be exploited, probably CCP neither that is why it is at its current state still.
And while the above is true I still rather have the current system than no system at all. On the other hand making it optional I have no issue with either as earlier expressed.
I myself think it can not be altered in a way to avoid it being exploitable while having meaningful payouts at the same time so this is what it is for now.
Not as often as before but it is still used for what it is meant for, that is my personal experience, examples provided in earlier post of mine, so it is still used somewhat, aside of making new players scared for a few moments until they learn how meaningless a bounty is, so I think still keeping it is the better solution, while adding the option to hide the Wanted sign I see no issue with.
Edit: Oh and btw another use of the bounty system is why I bounty others myself as well is that you get notified when the pilot dies, so putting the minimum bounty “subscribes” you to the “CONCORD notifies you of pilot’s death and ship loss service”, which is great both in case of friends and enemies, and in case of friends you can ask what happened and often can learn a fun story how the person lost their ship, and can look up the killmail on zkill and if lucky it is there, which is very delightful if your enemy lost an expensive ship.