Your argument is pretty solid although i have never seen people in the crucible using the perk cause there are simply more reliable perks out there and what makes it worse is that nailing these shots simply does what the black spindle perk does but requiring more effort and efficiency. One could limitate the amount of shots to 1 and still make every precision kill bring the bullet back. Im sure a long reloading time would balance it out.

I remember testing it out when it was on the Y2 Trials sniper and it worked, but I don't know if it has a time limit or not. Event Horizon can roll it and with only three shots it can proc it easily as well. The problem is you're not going to get those kills right away and probably swap weapons between shots, which may or may not cause the perk to fail if what I've read is correct (I'd test it but I'm too lazy). Apparently, some have had trouble getting it to proc even when the conditions are met, likely due to the aforementioned reasons. Even so, I wish I was good enough to fully utilize it because it seems like such a useful perk in the right hands.