Pros:

1. It is a platform for both individuals and businesses
2. It is a platform that converts the bad part of hacking to their own use
3. It rewards hackers for finding and fixing bugs
4. It can help companies to improve their product by putting it out to hackers that will peruse the app
5. It helps to increase the security of a system
6. It has a community support for hackers
7. It has hacking challenges that help improve the hackers' skills

Cons:
The system might also be exposed to hackers that could take-over the system and probably blackmail them over it