I think that one major improvement in the game would be to make the bounty hunting system useful so people could, if they wanted, be bounty hunters. As of right now, the bounty board does allow players to put bounties on other players, but the only real way to find that person, from my understanding, is to randomly run into them in-game. If you could implement a system that allowed other players to "hunt" each other, this part of the game could become much more used. One problem I can see though, is that higher level belts would probably just spam low level ones. In order to prevent this, you could make it so you can only hunt and collect bounty from players that have either a higher ranking or a higher belt. Also, if you put a bounty on some one, they should get a message telling them. Then, if they beat you, they get some portion of the bounty. This, not only would lower the amount of spam, it would give the players a sense of hunter/hunted. Please do something like this because right now a part of the game with a lot of potential is pretty much useless.
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Thats all I can think of right now.

all you have to do is stalk the board and then find the dude in-game, this would be a waste of time for the devs

Support your idea, nice way to earn tc. Though, instead of searching for a specific plaer or a specific bounty, players with bounties could have for example "1000tc" in bright red, after the name, to know which bounties are avaliable on which players.

Shop -> bounty list

It already exists, the victim gets a PM telling them a bounty has been placed on them + you get to put some text that will appear under their name once the bounty has been claimed.

You may find that people tend to use it for vanity purposes however.

As for the bounty board, it's pretty much a relic from long before the bounty system was added, and thus best ignored.