I honestly think a WANTED system is good (but I try to balance it more in my post)

As others have suggested. A system where you can put reward to those you killed you. I think you all have read those suggestion already but what if?

For game balance there will be a player interaction scanning animation like scanning bar code on another player's hands - The scan shouldn't be instant and should require other player's permission. To create tension and more immersive interactions

Honestly this isn't enough to put it in the game.. It should be a whole new mechanic like there's a whole new tab in menu that players can access and see bounties and decide if they will become a hunter and hunt a wanted player for extra rewards.

For game balance you can join in that player's game but not see where exactly he is in the map. You can only see where he spawned and has to go over that area to find clues about the wanted player. Also this will alert the wanted player if someone is hunting them.

This is very unfair to the wanted player so for balance when a player decides to be a hunter they must stake an item or credits equivalent (or half?) amount of the wanted player. If the hunter dies the wanted player can claim the stake.

After a failed hunt attempt or a successful hunt, the wanted player gains access to a 'reverse hunt.' They can then join the lobby of either the hunter who just attacked them or the player who originally placed the b0unty. Once in the lobby, the wanted player can see the general area (not exact location but like a big red circle) where their target is currently located.

For game balance maybe only once a week thing for being wanted or hunter.

Imagine the voice chat interactions with this. The trash talks. It adds more tension to the game.