It's a good idea but I think it is only part of a bigger need. There needs to be a built in escrow in steem for this and other payments to be held. It could be used for all sorts of things not just bounties. The big problem I see is how would bounties or an escrow system payments actually be done fairly. Someone says they will give x amount of payment for doing something. What if no one ever does it? Would the funds go back to the original owner? What if the parameters are edited? What if the outcome is a judgment call? How would the system distribute the funds? Would people vote on the outcome? We all know that one whale vote can throw the whole system. Right now all these contests and bounties are done on trust. That won't be a good system as steem and steemit grows.
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Yes, obviously this has to be implemented with multi sig and this would be a smart contract.....
If you read the post all your questions are actually addressed.
Read it and provide some feedback. Again you can make $200 if you do.