It states in the description that it increases range. That is the only difference between the normal and enhanced version. However, bows do not use a range stat. And if you attempt to apply it, you will not see any stat increase at all. On bows specifically, it is a waste of an enhanced trait. My advice? Either use the regular version of Shoot to Loot, or if you really want something that helps at ranges, Rangefinder at least increases the velocity of the bow shot.