I personally have no problem with archery the way it is now. I do play ranged elf for some background.
I find having a set rate of hit % as a bad idea. The normal system for aim % is fine and can be used efficiently when knowing range knockback and hit stun mechanics. Also, not really related to game mechanics, logically if you kept missing shots, you would get more frustrated and nervous when being approached by a monster. I assume this would cause you to miss more, not get bonus accuracy for missing.
Secondly, having the % meter influence damage incredibly decreases dps for range. the tradeoff for the % meter is you have a lower chance to hit, but if you are lucky, you can hit multiple times at low %. on the other hand, you can miss alot if you are unlucky. Restricting the % meter to damage output would lower dps for archers who have the probability to miss. There are trade offs to charging full shots and not charging shots. I've personally hit 7+ mags at ~40% and ive missed equal or more shooting at around the same %. Missing is a part of archery but you have the ability to dish out some good dps.
Lastly, cutting archer dps by the 2nd method, having % determine archery dmg, is unfair compared to other classes. That's like me saying, well melee users should have their damage cut by how much dura is missing on their swords. You do 1k wm but since you only have 5/10 dura, you actually do 500. It can lead to many other arguments about other classes if it were to be a change made to the game.
Tldr, archery is fine as it is. Learn mechanics. Have a backup if you miss.
You someone i rather learn how to use archery efficiently its tough. lol