It is likely that the name originated from the resemblance of the traditional circular bullet symbol (•) to an actual bullet.

The bullet symbol may take any of a variety of shapes, such as circular, square, diamond, arrow, etc., and typical word processor software offer a wide selection of shapes and colours. Several regular symbols are conventionally used in ASCII-only text or another environments where bullet characters are not available, such as * (asterisk), - (hyphen), . (period), and even o (lowercase O). Of course, when writing by hand, bullets may be drawn in any style.