This question already has an answer here:
I have observed at least one user who takes a very "ascetic" approach to rep: He awards bounties to questions he finds interesting, meritorious of more attention, and to reward/highlight exceptional answers. Often to the point that his rep falls back to just double digits. He does this on multiple sites where he is an outstanding contributor. Just auditing his bounty activity on two sites: he has given away over 6,000 rep points, and I can find no indication of any nefarious or unintended consequences of the bounties. I.e., he is using the bounty system as designed.
He is also revealing what I would consider to be a flaw: He is an Established User, but, due to his generous awarding of bounties, he is frequently toiling under the restrictions applied to inexperienced users. E.g., it's silly to have his edits held up for review.
Though the implementation to change this might not be considered a priority, do people at least agree in principle that users should not lose privileges for spending their rep on bounties?
(The underlying question appears to have been discussed some six years ago. Arguments for the status quo of losing privileges point out that there should be a cost to awarding bounties. I would point out that loss of rep is a cost, and it is the right cost: You can't award more bounties than you earn in rep.)