Speculations How low?

[Shanal]

In buggys case they're using characters like mihawk and crocodile to try and gauge his strength. Using his perceived command over them as an actual feat
That wouldn't really work the opposite way around. Cause if they didnt recognize buggy as strong he wouldn't really effect how the world sees mihawk. Even crocodile wouldn't because the world already views mihawk as stronger and a bigger threat

The reason mihawk likely has a higher bounty than buggy is more than just how the world government perceives their strength but just mihawk actually having more feats against the world government prior to even joining.
Before cross guild buggy himself really hasn't done all too much to fight against the world government. Mihawk has tho. With him even getting the nickname marine hunter in the past with how much he exclusively fucked with them
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There using mihawk and crocodile to try and scale buggy
So if he wasn't the leader they obviously wouldn't do that. As for how strong theyd think he would be idk
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Like if crocodile was seen as the leader idk how much theyd actually view buggy as powerful or a threat

They think Buggy is strong even without this.

They think he's the mastermind behind ID fiascio.

They think he stands "shoulder to shoulder" with Shanks.

Etc.

Of course, their opinion of him might drop, but if it'd still be very high nonetheless. And if Mihawk has him and Croc under his command, he'd DEFINITELY make it Yonko.

There's a reason why Oda brought up Crocodile and Mihawk about to kill Buggy, and then Mihawk's reasoning for stopping was partially that he doesn't want to be Yonko. So, hell, if they remove Buggy from picture, he'd likely still become Emperor by merits of being CG leader alone with Croc under him lol