Firstly, yes. Consider a weapon with 5 shots and a slow reload but low recoil, when increased to 7 shots by the effect of this skill that weapon will be able to do 40% more damage per opening. Secondly DPS is a very narrow minded view for a bow gunner. You've picked the one weapon in the game that can do everything and you choose just to do damage? This skill also applies to the many types of bow gun round that arn't effected by your damage value. Explosive, Healing, Status Effects and Buffs can all be applied more efficiently with less reloads using this skill and none of those shots benefit in the slightest from a skill that gives you attack.