I'd cross it off. Unless you find such a bug, and report it, will you receive it. I'd rather just play the game than try to find bugs. The article lists the only two examples it was given. One allowed a player to "infinitely" slot powers with enhancements so he/she could two-shot Hamidon! The other allowed for billions of prestige to be accumulated in base editing. As you can see, these were game breaking bugs, not just a run-of-the-mill "this mob has a typo in its description" bug.
The article also states - with no citation - that the Devs were less likely to award the badge if the person reporting the bug asked for the badge. Presumably the Dev team has changed, but the policy may not have.
I was the one who discovered the base edit bug and had the first Bug Hunter Badge! It was on my villain Burnin Fury, Infinity Server.