A falling bullet doing that much damage?
Ummm, too bad that once it loses its velocity it doesn’t come back when it falls and can’t do that much damage on the way down.
You know people die all the time from celebratory gunfire, right?
It is possible for a bullet fired at an angle, into seemingly open air, to maintain significant velocity as it arcs downward. This wouldn’t be a shot straight up.
My shaky understanding is that if you managed to fire a bullet straight up into the air, then yes, the energy from the gunshot would bleed off and the bullet would come down at terminal velocity. But if the gun fires the bullet at an angle (almost certain) then the bullet will be coming in like a mortar round...or a bullet.