I have a bowman with 500 min range and bomb arrow does 130%. When I attack low level mobs like slimes and snails, it does around 300. I'm not sure if it's a bug or not but when I hit my min it really slows training and farming a lot.
I could be very wrong on this, but does it have anything to do with bow mastery? Like, at max rank Bow Mastery gives 60% mastery, and IIRC that means that the minimum damage you will do is 60% of your minimum range... 60% of 500 is 300? I think? I don't actually know?
The shot that hits the monster does like 20% damage or something ridiculous, the bomb hits other monsters (up to 5). This was how it was implemented in gms too.
Yeah it's talked about here under the title "Mob Attacks Raw Math" where the damage is cited at 40%. There's a lot of other useful info there too, like the bizarre crit formulas used for 2nd job skills.