The Bounty Hunter special was first offered for :CLAIM points during the 2014 Thanksgiving holiday weekend.
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You can see the stats here: Armory Page Stats (It still works correctly even if your game client is not up-to-date)
The Bounty Hunter can steal durability when you kill another player, and randomly repair one of your items.
How much is stolen depends on the gear your target is wearing, but it can range from 5% to 13% Durability.
It might repair items which are already at 100%, so you could potentially have items with 113% Durability.
It can repair Common rarity items, but not items at 1% Durability.
Only the Precursor and Ultimate versions of Bounty Hunter can steal more than 5% Durability.
To prevent exploits, your opponent must have a certain threshold of quality gear for this to trigger.
Note: This item does NOT increase durability loss for your opponent.
XP for PvP Kills
When you kill another player, you will earn XP based on the target's level and the rarity of your Bounty Hunter.
The XP can be significant. Killing a Level 100 player with an Ultimate Bounty Hunter equipped is worth 2,200 XP (after MindSurge bonus).
Damage VS Pirates
The Bounty Hunter gives a significant damage increase to Pirate NPCs.
Equip Point Bonus
Bounty Hunter gives +1 Equip Point at Precursor rarity, and +2 at Ultimate rarity.