I think the role of bounty hunters in causing price drops for new tokens is often overstated. Really if an ICO fails to hit hard cap, then that means that supply is greater than demand, which causes immediate downwards price pressure once the token hits the market. Of course bounty hunters and people who have bought with a big bonus at ICO often sell their tokens quickly, but there is already downwards pressure there anyway.
I agree. I think look, there are so many factors but you can't really blame one or the other fully.
In a way, it all started because of projects and ICOs, paying stupid amounts to bounty hunters because things were just so inflated.
On the other hand bounty hunters perpetuated the whole thing and they cut corners, and took advantage of the situation.
Now everyone pays for it.
Don't forget to blame speculators too for driving it all up.