That's what I thought at first. I saw it hit the ground and thought it missed. But if you watch it in slow motion, you can see the bullet goes right through his torso before hitting the ground behnd him. You can see his shirt move as it goes through him. He was wounded by that first shot (and as others said, has an "oh, sh**" moment) then the head shot kills him.
Part of me says "Oh, the humanity" but the rest of me screams "Hell YEAH!!!"
It misses him and hits the pavement about 10 feet away. You can see the point of deflection is the same height as his shoulder. If it had gone through him it would have deflected some distance directly behind him (to our right). Like the arrows show here.
Here's the frame immediately after the tracer shot. In the others after he is hit there is a small cloud of fine mist (blood and tissue) around him. There is nothing right after the tracer shot. It misses him.
It's all reather technical though. The bottom line is that that is one dead RPG dude. Semper Fi.