Because Luffy's bounty is low balled. He defeated Kaido fair and square, yet his bounty is only 3 billion because Marines split 2 Yonko bounties among 3 participants (Kidd, Law, Luffy). Teach's bounty is 4 billion and Buggy having 3,2 billion isn't bad given he is just a clown. Brannew even said that having command over Crocodile and Mihawk makes him worthy of the title emperor.
Mihawk explicitly said he isn't interested in the emperor title because it is too much hustle. So even for the WGS, being emperor involves hustle he isn't comfortable doing, and when Buggy announced going for the One Piece, Mihawk was shaking.
Mihawk explicitly said he isn't interested in the emperor title because it is too much hustle. So even for the WGS, being emperor involves hustle he isn't comfortable doing, and when Buggy announced going for the One Piece, Mihawk was shaking.
He still had a higher bounty than 3 of the yonko bounties and barely under yonko teachs current bounty. As a subordinate.