The whole bug bounty thing is a mess, admittedly, but lacking a bug bounty program entirely feels like immediately losing the moral high ground on “you should have told us first”. There’s a lively debate about what bugs are worth, but it’s objectively not $0 for many classes because a botnet developer will buy them for some amount.
Personally, a big part of my view is formed by the educated assumption that security practices will never improve unless poor security becomes a liability. That’s unlikely to happen with “responsible disclosure” because it gets swept under a rug. Immediate public disclosure changes that risk calculus a lot. I think wed see a lot more downward pressure from vendors to their suppliers if $RandomSaaS had to worry about losing their pants because Oracle had a vuln published.