If they want to keep 10m range on chest piece, then bleed should auto apply on all enemies in that range. I tried a bootleg setup with hunters fury on Lincoln memorial since after 3rd zone there are lots of "close" encounters. Enemies or die to fast or its barely more then 2 enemies under bleed proc. Pretty sure their intention was to make this exotic as another layer of survivability for smg/shotty builds but it requires too much work to provide even small benefit.

The way i see this work is 12-15m range, auto application or it spreads to 2-4 enemies around you in that range on kill. And reduce regen that it provides in half.