This actually is not for killing someone like pvp.
For example someone zerg on farm zone, or pk new players. They can add a bounty for killing him!
Its actually a MUST feature and it can bring too much fun hunting for the bounty and the players on the list.
Being a WANTED player means you are strong or you have haters.
And as you can see there's no announcement saying that i cant kill this guy for this reason!]
Its just a blacklist where the most hated players of the server will take place.
Thanks for your comment, it seems i didnt exlain it well the previous time and you got some missing points!