Yet creating an artificial value to killing them isn't enough? Suddenly humans come up with creative ways of breeding them artificially?
Perhaps these aren't mutually exclusive. Maybe the bounty program worked to reduce the population to the point that farming was more viable. Maybe the bounty was too high, and if they reduced it farming wouldn't be economical anymore.
Perhaps a solution would be to have the bounty in short random bursts. The bounty program only lasts for 1 year, so no one has time to start farms and breed them. Or just investigate the people bringing in lots of cobras, and see if they have a big cobra pit next to their house.
I am very curious about these systems because it seems like a very effective method of eliminating invasive species. Australia is being overrun with cane toads, and my local state is complaining about Asian carp and zebra mussels.
Yet no one is willing to put up money to see if the market can find an efficient solution to cull the population. Partially because of the infamous stories posted above about how these programs create bad incentives. But I believe they could be minimized. And I can't imagine anyone breeding asian carp or cane toads given how prevalent they are in the wild now.