These types of shows are sensationalist falsehoods used for money. A show about people signing up to be hunted seems to be the best type of show to exploit people's stupidity. Not to mention that it's the UK, The lovely people who brought us the show Love Island not long ago.
Looking at the show, I can consider that it is not a fake because when I first noticed the show on season 3, I became so interested on how it works. At first I was skeptic, Looking at every possibility of the hunter's strategies, Including using social media to ask the public of the UK to help. Looking at their facebook page, Hunted HQ, I've seen posts from the tv series episodes and their Q&A posts about Peter Bleksley, The Chief. This is my side of the story.