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Kaido has higher bounty still.
Mihawk's bounty changed as a result of the fact that he became a part of the cross guild. Bounties are not just about and individual's power. It's about Influence and territory.
Kaido had a higher bounty because he had a massive army + commanders + territory.
Mihawk holds that bounty because of how powerful he is + his title of WSS.
If you want to argue about the "cross guild" then how come a so-called commander of Buggy (presumed Yonko) gets that insane bounty while King, Kata, and other commanders have bounties that don't exceed 1.5 billion?
 
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