It's a combination of the lower value of the median bug bounty submission (we hear about the high-ticket vulnerabilities, but most of them are pretty low-test) and the fact that huge numbers of bounty participants are abroad. I know there are people who claim to make high-6's and even low-7's from bounties, but they're very rare. I think most people who participate in bounties would be best off financially by using them to build a portfolio they can exploit to pivot into consulting or full-time work of some other sort.
*not trying to be argumentative just trying to price the market.