The bounty system IS broken by design.
In the trailer we see someone putting a huge bounty on another person and then everyone being "after him".
This is NOT how it works in game.
You are awarded only 20% of the ship value, so if you kill someone with a trillion bounty in a drake, you will get... 10 mill.
Nobody is going to chase you for such a trivial amount. For someone to become worthy of chasing, they need to fly a ship that costs at least 1 billion, and even that is on the low side...
Bounty hunting is also broken, since to kill a powerful ship you usually need an equally powerful ship, but you are awarded only 20% of the value of the ship destroyed, so you will need to win 6 out of 7 engagements to be on the positive, which simply won't work. Another options is to fly inexpensive ships like Hurricane and try to kill expensive targets, which could work but it's inefficient.
Also, since we figured out that 20% of ship value is not enough to gank for in high sec, where does the bounty matter ? Low and Null are shoot first, ask questions later...
What the current system has is the potential to grief people who didn't do anything, since they can't easily remove the bounty without wasting too much ISK. The people who actually deserve the bounty won't care about it anyway.
Make the payoff 50% or 75% instead of 20%. I'm guessing that it's 20% because a higher payoff will have bigger potential for abuse, but I'm sure you could find a way to deal with it.
This should be easy enough, all of the necessary mechanics are in place, just a few numbers need to be tweaked.