rem2429, I understand where you are coming from, but you aren't quite right.
If line of sight is horizontal (0 degrees elevation) then the centerline of the bore is angled up. The initial velocity of the projectile has a positive vertical component, i.e., the bullet is closing with the line of sight, which is ABOVE the bore line. The bullet rises into the line of sight.
If you had a rifle on a perfectly flat plain, with sheets of paper every 10 feet out to the zero distance of 50 meters, and measured the distance from the ground to the holes in the paper, the holes would be farther and farther from the ground as you approaced 50 yards.
The fact that the bullet is moving closer to the line of sight, which is above the line of bore would jive with just about anyone's definition of the bullet rising.
Now if the bore were horizontal, so the line of sight angled down, then you would be right. The bullet never rises above the Line of the Bore.
However, as shooters, we rarely, if ever, know where the line of the bore is, only the line of sight. For this reason, as shooters, the line of sight is the best frame of reference.
With the Line of sight as the reference frame, the bullet most definitely rises.