It's not out yet so I can't be certain, but it sounds painfully counterintuitive, just like the Crucible sniper.
Landing a hipfire precision shot at medium to long range is very difficult and doesn't make sense, and if you're close enough that it's easy you'd be way better off with a Hand Cannon.
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Honestly if I want to hip fire a bow I'll play Horizon Zero Dawn.
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It's likely that if you put Last Word vs Hush, Hush will win if you can get that hip fire headshot. Like if you were in a 1v1, and you already had your bow drawn, then an enemy meets your gaze with Last Word. Firing at the same time, if you get the precision hit, you'll be able to 2 tap 1 precision 1 body before Last Word can get it's 3rd shot off.