I would love that. A real thing to do and keep peole busy everyday.

some ideas to add :

=> Don't tell where the hunted monster is located. Instead, make it like ffXII, where you had to go to a npc which would give you some tips on locations.
=> make it a daily thing, ie you can only apply to a hunt once a day, and if you did not manage to find the target, you lose the reward.
=> some cash and vanity rewards are really good. Maybe we could access to a special shop for said vanity which would unlock new ranks based on our "notoriety"