But what goes up...is at a very high velocity...what comes down is not.
Exactly.
If it goes up at over 70 degrees from horizontal, the terminal velocity is unlikely to be enough to be fatal.
If shotguns with bird shot are fired into the air, the shot will bounce off of clothing as it falls.
Bullets at terminal velocity can cause damage if they hit young children or frail adults in the head, or hit the eyes.
If the shots are under 70 degrees from horizontal, there may be sufficient retained velocity (not terminal falling velocity, to be much more dangerous.