you put a bounty on someones head that he gets "hunted" means the next time he loses/gets decapped the tc u set on him are sent to the winner.
^that is the meaning of it. but it is currently broken and doesnt works that way. bountys are listed as "claimed" but no rewards are given out.
actually people only use it to have some sort of funny text under their name ingame. u cant set a bounty on yourself.