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I came pretty close to this situation not long ago, except I received my mortarboard as result of getting a bounty. Also, I have received a mortarboard from a good question without receiving bounty points.

In short, Are bounty rep points bounded by the daily limit?

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  • Given that bounties range from 50 to 500 rep, capping payouts at 200 would be pretty stupid.
    – Daniel Beck Mod
    Aug 24, 2012 at 14:40

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From: How does “Reputation” work?

You can earn a maximum of +200 reputation from upvotes and suggested edits in any given day. Accepted answers and bounties are counted separately.

So, no, they don't have anything with the limit.

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