Preface: I haven't worked heavily with our combat systems so I don't have a super deep understanding of bullets, but I have worked on our respawn system. But I think you've got the right idea.
It's currently super expensive to respawn an agent in bomb mode, and it looks like auto respawn is infact mega chugging the server. In this video, you can see the server tick rate fall off a cliff from 128 down to like 10-20, my suspicion is that the server is chugging hard to keep up with these respawns and its bullet processing is falling behind as a result. If the server only processes bullets 10 times a second and is also under heavy load trying to respawn the agent many times, it would make sense to me that the hits would register late and the clients tracers would get ahead of them.
We are actively working to improve this and have some prototype respawn improvements in deathmatch that we're planning to bring to standard mode once we're confident they're stable - mid combat respawns are very rare in standard mode (limited to sage res) so we opted to ship them in dm only to see if any major bugs arise.
I'm not claiming that OPs issue is not an issue - I do not have the expertise in this. But I do not think the conditions in this video accurately represent real gameplay - server tickrate is generally steady at 128 throughout the match. And please know that we hear you and we care about this stuff a ton too.