I think it's a really cool thing to have both for the hunter and hunted in a PvP situation. However in its current state its a little broken both ways. What if there was a cooldown on its use, just like /home (doesn't have to be as long). It would have interesting implications for both sides. Instead of something that is spamable it turns the command into more of a decision.
For the Hunted: "Did I hear that right is someone mining to me? Should I use /near and risk not having it later?" vs "Better hit my /near hotkey for the 10th time this mining trip"
For the Hunter : "I think I'm close to finding the bounty target do I use near now? Or when I know it's close enough to hit" vs "I'm gonna spam my /near hotkey until I see the guy".