I think pirating/bounty hunting is broken atm. Not really my thing, but the complaints I've heard from the forums are basically that pirating is impossible because it's so easy for ships to jump out after getting interdicted. The limpets that supposedly cause ships cargo bays to open fail 90% of the time and cost a fair amount of $$ for each reload. That in addition to all the gear you need to buy to scan cargo bays/warrants.
Bounty hunting would seem to be easier, since you just need to destroy the ship, but you still face the target jumping away almost immediately.
Unless you have a Cobra, you don't cause much of a mass-lock, making it even easier for the interdicted ship to escape.
Then again, Frontier have been balancing the betas (and gamma?) to focus on different areas of the game. Maybe this one is focused more on trading? All the missions to go kill things (except for criminal bosses really hard to find) have gone away.