If you find a vuln and publish it and the company does not have an explicit bug bounty program allowing such things, you may be sued or face other legal action.
I know several security researchers who have been sued for hacking, in many countries (mostly across US and Europe), because they assumed they were doing a "good thing", whereas the law doesn't care - it only cares about what is legal or not legal. Apart from the hacking charges, the very nature of bug bounties means it's pretty easy for the lawyers to add a coercion/blackmailing charge as well, which makes it more serious.