You can correct for bullet drop by lowering the angle of the laser, but that only works if you calibrate it to a specific distance.
I suppose one could construct a laser-spotter with a calibrated distance scale, but that still leaves open the question of why one would bother. If one is using optics, they'll illustrate the proper point of aim more clearly at 1000m than would a laser, and if not using optics it's unclear how one will see a target well enough to know what to aim for. I suppose there might be some usefulness to having a combination of a laser and a scope, if the laser were above the scope and aimed down at a calibrated angle; in such case, the distance between the laser spot and the cross-hair point would indicate the distance to the target. Something other than the normal crosshairs would probably be good there, though; perhaps an "X"? [BTW, I've been toying with the idea of rotating my scope to show an "X" instead of a "+"; has anyone done this?