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It feels like that'd really boil down to whether identifying a fugitive's location based on signal from the location-broadcaster they're carrying voluntarily on their person, connected to a distributed service network shared by customers of a private company, could be considered "unreasonable search and seizure."

To a first approximation, my guess would be "probably not." No more so than, say, a train station dropping a dime on you if you try and buy a ticket on a train and your name comes up as wanted.

The Bill of Rights applies only to the government (and its agents), not to all private entities. It (particularly the 4th amendment) doesn't generally allow you to sue people, but to have illegally obtained evidence excluded.

In the case of a bounty hunter, they are typically pursuing bail jumpers who have signed away such rights to the bail bondholder.