I think if you put the reticle on the bullet hole and dial to the bullseye, you will end up twice as far from the bullseye on the next shot.
Exactly correct.
The method is know as the " one shot zero ".
Fire a shot at the target, then hold steady on ( the aiming point ), and dial the reticle to the hit.
It is also used by quite a few long range hunters on follow up shots.
True story.
About 6 years ago my son had only a half day left to hunt with his then 15 year old daughter before taking her back home for school that afternoon.
So they needed to glass from a location close to the camp.
The spot they chose was already occupied with hunters when they arrived there, so he drove to another spot nearby that he had never hunted before.
He made several trips from the vehicle getting 2 sets of glasses, the gun, and the portable bench to the location.
He then remembered he didnt bring a rangefinder along.
With just a few hours remaining to hunt he figured he wouldnt be needing it anyway, so they got setup and started glassing.
Within about 5 minits he found a buck alone and laying down.
He got the gun on the deer and told his daughter to get on the gun. He figured he would be better guessing long rather than short for fear of spashing dirt on the bedded deer with a shot.
So he dialed for 900 yards, and watched thru his glasses as the bullet sailed over the deers back, but good for windage. The deer jumped to its feet but didnt run off. He got back on the gun and held on the deers shoulder and dialed to where he thought the bullet was when it sailed over it. Second shot dropped the deer, but it got back up due to being hit where the leg joins the body, but again it didnt run off. He told her to hold on top of its back and shoot again right now.
That ended it, 3 shots total, 2 hits, no rangefinder.
All it takes is knowing how, and the one shot zero is one of the ways.
And no, they didnt make it back home that day.