However, that's part of why we're open source. You can't trust us when we say that we aren't storing your IP. We could be doing it and you'd have no way of being able to tell. If you're concerned about this, run a private instance of MediaCrush. There are instructions in the README, it's pretty easy to set up.
One possible tweak is to continue using bcrypt and a salt, but instead shorten the hash output to something like 24 bits. This way it still cannot be so easily reversed or rainbow-tabled, and collisions still shouldn't be an active problem. However, it wont be possible to positively match a given IP to a hash, since multiple IPs will likely hash to a given output. Granted, if you have a candidate IP and it matches the output hash, there is a very high probability that it was the source IP, but it wouldn't be 100%.
It's not a trivial investment since that effort only gets you a single IP address, but it's easily within the reach of a vast number of organizations if they have real motivation (read: not a fishing expedition) to reverse it.