Bounty is always profitable because there is not capital investment in bounty but sometimes investment in ICO is more profitable than bounty if you are able to select a good project ( active team, good roadmap, implementation of roadmap, regular development, own blockchain, own platform, trustworthiness etc). I have seen who have invested in AION coin at the ICO price 0.001ETH per AION, investors sold the coins after listed in exchanger per AION=0.008 to 0.010 ETH. That means all maximum investors got at least 700% profit. Can you imagine? So selecting a good project to invest is more profitable than bounty ( a little payment).