The speed isn't important. It's the amount of damage done that matters.
A bullet puts a finger sized hole in your body. A battleaxe will put a hole you can fit your ENTIRE HAND IN.
The speed of the bullet is how it punches that hole in the body, but it's the size of the hole and the amount of damaged material that matters.
The bullet is harder to dodge. Because it's faster.
You can dodge fewer bullets than axes before you die.
HP isn't meat points. HP is "Avioding death" points. Bullets are so fast you lose options to avoid death by them.