I understand the concept of a bounty:
If you’ve asked a good question, edited it with status and progress updates, and still are not receiving answers, you can draw attention to your question by placing a bounty on it.
I have notice certain question getting multiple bounties. Some of which have accepted answers. Is this to reward other good answers that were not accepted (but still great answers)?
I am just trying to get a handle on what exactly they are used for.
My interpretation of the bounty system was that it is for question that do not have accepted answers. The bounty is a way to try to get more people to answer the question in hopes of finding an answer.