Is there a bounty system? Say if I got really annoyed at someone because they killed me too many times, would I be able to create a bounty that people can see at the "PVP board" or whatever and choose to kill that person?

And the person can return to the bounty board and get the money which I put up?

It would be worth it because if they die, to a person who is "hunting" them, they could lose their pvp outlaw rank or get a debuff or something. You could group up with other players and kill the person and share the reward.

And say if you have a bounty on your head, you get certain perks like being able to buy from a certain vendor or something or a cheaper repair cost for your equipment etc.

If I had a bounty on my head, it would be awesome because I would appreciate the wilderness a bit more, it would help me to survive more etc. Of course it would be better end-game because otherwise you wouldnt be able to do quests etc