Oda has already explained that Bounties aren't proportional to the pirate's strength but to how much trouble they cause for the world governmentOriginally Posted by Carnage
Now since his last one Luffy has defeated a shichibukai, punched a tenryuubito, fought an admiral and escaped, penetrated and escape from Impel Down along with hunderds of other inmates including some with bounties over 100 Mil, is now fighting along with the most wanted pirate in the world and had his connection with both Dragon and Ace exposed to the entire entire world
That's one hell of a shit list to ignore