So in R.S (Runescape) there's a bounty hunter system (referring to the older version if you're familiar with it too). You'd enter the wilderness which is the PvP area and you will fight other players risking your items,etc.
In ESO I believe we should have the same system but we go about it in this way.

• When you enter Cyrodiil if you kill a enemy faction player (random players in the faction you just killed) that enemies alliance will give random players your name as a bounty.
• The more you kill the more renown you earn which attracts targets to you (will go into detail why it would later in the post).
• There could be leaderboards that show who's killed the most players and with what ability was the final blow (so we'll know if you're just a bomber )
• You have a option to directly participate in it via new NPC who will give you the option to participate in it but you will still be killed by other players in PvP anyway.
• If you participate in it and if you have a target, it will show you where your target's general location is (similar to that of a forward camp but double/triple the size to make it harder).
• When you reach a certain kill target as per quest you can turn it in to the new NPC who will give you another kill quest + currency specific for bounty hunter rewards.
• If you kill a high profile target you can get some currency from the new NPC as well (you won't know if they're high profile until you see them enter combat)

Rewards

• Cosmetic costumes that can be sold (up for debate)
• Emotes (ones that show your fighting strength based on weapon equipped and class) [Example] - DK wielding 2h shows me smashing the ground which creates a crater with molten rock.
• New Titles (like "Hunter" or "Assassin" & "Guardian" or "Savior")
• New Set items (Trade-able aka bind on equip)
• Siege Merchant who sells you new siege gear (we all know it's coming sooner or later )
• Siege Bag

The person doing the killing will receive the rewards + renown per kill. The quest will give you 20-50 enemy specific factions to kill but after a specific time frame (up for debate) it will reset. You can turn the quest in even if you kill 1 player from that specific faction but you won't gain a lot of Bounty Hunter currency till you start killing a lot of players but bare in mind the time limit will put you at risk at sometimes. A high target player (one who's killed more than 20 players) will have a Icon maybe a skull or scythe near their name when they enter combat; killing that player will give you 50% (up for debate) of their renown (the person you killed will still keep theirs) but if you die, you will lose it unless you speak to the new NPC and turn in the high profile kill. If you do not wish to participate simply don't talk to the new NPC and don't accept his quest he/she offers. Targeted kills offer more renown then random kills (forgot to add that!)

-Not sure if I'missing anything since it's soo late but feel free to discuss. I think this feature would be great and fun to do although it may create more people wanting to go into PvP which means more lag!
My goal is to make PvP have more things to go after in order to make it even more fun to do.