I would rather see the cost of a bounty more dependant on the level differrence between players. Within 10 levels difference, the bounty can be the minimum. More than 10 levels difference the cost is 100,000 gold /level. So if you want to place a bounty on a player 20 levels above or below yourself, the minimum bounty would be 2 million. 100 levels difference the minimum would be 10 million.
The same goes for collecting bounties. If the bounty is 10 million then the target must be within 100 levels lower than yourself. You can always try to collect a bounty on a higher level player.
This would stop low level guys putting ridiculous bounties on high level guys and stop high level guys from collecting bounties they don't need.