As it's already said, bounty doesn't always define power level. It's obvious that people with 1B bounty is astronomically stronger than people with 30M bounty. But when it's already in close gap, it's more about their influence and threat they can give globally.
For example, in a 1v1 match I would put my money on Katakuri as in terms of battle capabilities, Katakuri is a better fighter. Queen is trash tbh lol.
But if we consider on the threat they can give, Queen is more terrifying with his plague stuff. And also overall Beast Pirates seems more intimidating than Big Mom Pirates and BP create chaos even worse than BMP. That's also one of points BP have.
So I would say Queen lives up to his bounty, not in terms of power level, but his threat to the world.