The US is unusual in first-world countries in having this system. England&Wales releases most of its summary (US: misdemeanor) suspects without bail surety. Indictable (US: felony) offences are 40% not bailed at all but remanded, usually because these offences involve violence.
The UK system also allows another person to stand as guarantor without having to put the money up front, which means there's none of the short term loan shark business of "bail bondsmen".
The UK system also allows another person to stand as guarantor without having to put the money up front, which means there's none of the short term loan shark business of "bail bondsmen".