Just found out a fellow pageant director was fined $5000 for not being licensed and bonded in Tennessee. Is this required for pageants in SC?

You can't run an event or any business in any state without a license, strictly speaking. Obviously some little home businesses get away with it.
Bonding will depend on the venue, if they cover liability etc when you rent it. Bonding also covers such thing as employees hurting someone, stealing from paying customers, etc.