the cocoon perk does not work on this rocket launcher, for example i have my primary equipped, i pick up some heavy ammo blocks, keep on running along going thru the daily story, about 5 or 6 minutes later i decide to use my rpg and i have to reload it. also if i fire one rocket and stow it for a while it does not reload.
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When the mag is empty it doesn't activate unless you pull it out again. If you pick up heavy when you have 0 rockets just pull it out and put it back away and it will refill it. You just have to have it in your hands with ammo in it.