When the bullet comes back down it will be traveling at almost the same speed it was when it first bounced off the rocks.
There is a principle in physics called the "coefficient of restitution" that comes into play.
What this does is describe the amount of energy lost from the "system" when one thing strikes another. This is a number between 1 and 0.0, and it is the ratio between the speed something has after it hits something to the speed it had before it hit.
A pool ball striking another pool ball has a pretty high coefficient of restitution. The impact and bounce off is very "clean" and there is a lot of energy retained, so the ball flying away is still going pretty fast. The coefficient of restitution is pretty close to 1.0.
A bullet striking a pile of gravel, or even glancing off something harder loses a lot of energy in moving the gravel, friction against all the little pieces, and to heat lost as it deforms itself smashing against something hard. The coefficient of restitution is not nearly so high and the bullet leaves going a lot slower than when it got there.
A close-to-home example of this occurred on a range near me a few years ago. Near as investigators could tell, a 9mm bullet struck the hard rock floor of the range, with just a little dirt on it, and bounced up and away, hitting a house about 500 yds. away. That bullet arced through the air with enough velocity to travel a goodly ways, but when it got there it struck a
glass door and didn't even crack it. The owner heard a noise, went out, and found the bullet on the step where it had bounced off the glass.
That's not to say ricochets aren't serious business, just that it isn't so simple to calculate realistically what the danger might be from them, especially as the angles change.