Peasant bounty hunting really concludes the picture of a nation slowly failing under applause and cheers.

Phrased like that, it's indeed problematic. But you should keep in mind that speeding is

1. A safety hazard

2. Causes high noise pollution

3. Measurably increases air pollution

Under these circumstances I feel like a citizen driven enforcement for the law is not quite bad as you are portraying it. I would even call it apploudable, because they increase the quantity of life for everyone in their neighborhood.