Just for reference, the former example you give is just a bug bounty as far as I can tell.

The discussion of relative merit of bug bounty versus a pentest is well trod ground, so I won't rehash here except to say I would never consider a bug bounty replacement for a pentest, and if you're asked for a pentest report as part of third-party vetting etc. many organizations will be concerned to see a bug bounty program compiled report.

The latter example sounds like https://cobalt.io/. I've seen several reports and all I can say is if I were vetting a third-party or otherwise looking for assurance of security posture I would still want to see a "real" pentest from a reputable firm.