I don't think that the reasons for late distribution of token by certain project is because hunters will dump the token, but i consider the delay of bounty distribution as planned strategies from most project team to allow investors sell their coin/token before other participants.
When a project is concluded and get listed on any exchange, there are tendency that the price of the coin will drop especially if Bitcoin drop. No one has been able to accurately predict the market and because of this prevailing situation, most project team always considered given the investor the previllage of selling their coin to reap some profit before bounty are even distributed.
However, I think that hunter are not the reason for any coin dump in my opinion because the highest bounty allocation to a campaign is just 1% or 2% of the pool. If hunter paid 1% of the total pool, how can 1% of bounty pool affect the coin price? We all know that the bulk of pool is own by the investor and project team, and I think that a dump or crash of the market price, if properly analyzed, it might has been caused either by the team or some investors. This remain my opinion on this situation. Thanks