I had a friend of mine with the same issue, but not from firerate. It was some Xanion cannons he built at a factory that did well over 2k if I recall, it was at a turret factory with +damage on them, overheating variant of cannons I think.
He would get hits on target, I would see the projectiles hit the enemy ( low level, iron ) and it would deal no damage. At other times the cannons wouldn't even render a projectile to me but he was claiming his shots were landing and dealing no damage.
I've also noticed that sometimes the green targeting circle is only ever so slightly off while salvaging ( green while out of range ) at least until you target it, then it seems to snap to and actually hit the debris.