The bulk viscosity of dilute argon gas is calculated using molecular dynamics simulations in the temperature range 150-500 K and is found to be proportional to density squared in the investigated range of densities 0.001-1 kg m^{-3}. A comparison of the results obtained using Lennard-Jones and Tang-Toennies models of pair interaction potential reveals that the value of the bulk viscosity coefficient is sensitive to the choice of the pair interaction model. The inclusion of the Axilrod-Teller-Muto three-body interaction in the model does not noticeably affect the values of the bulk viscosity in dilute states, contrary to the previously investigated case of dense fluids.