The Bounty system isn’t broken, it’s just not facilitating the kind of gameplay some players want it to.
The problem is that the spectrum of gameplay that players “want” out of it is either one that the majority of players on the whole don’t want or one that’s going to result in a whole lot of nothing as far as gameplay goes.
The former generally falls into the category of some kind of CONCORD avoidance ability inherent to bounty hunting, which just isn’t going to happen. We have ways that players can end up exempt to CONCORD protection, they’re called wars and security status, which together pretty well cover the range of players who might reasonably be considered to deserve a bounty.
The latter generally either falls into the range of some fairly minor tweaks to the existing system, like changes to payout or similar, or a heavily restricted version of the CONCORD avoidance mentioned previously. Generally with so many restrictions as to be worthless or nearly so. Whether it’s random assignment of bounties or putting some kind of restrictions on who can get one to the point where it’s basically already covered under the existing security status and kill rights systems.
Your idea basically sits in the latter category. You’re changing a lot of the fluff around the bounty system but the core of the system remains unchanged and most of the stuff about the system that you wish to add is already covered by war decs, kill rights, or sec status loss, and the only real way to expand the system beyond that is to add a very time consuming layer of manual review which CCP has neither the time nor resources to bother with.
TLDR: The horse is dead, stop piling more words on its grave stone.