I managed to at least reproduce and document it.
Testing Range Dummy, Lvl 3 Ult and some Firerate. I included Screenshots taken just now.
Ultimate behaved normally with just riccocet and swift striker, adding Burst fire makes the third shot only apply weapon DMG, no blessed dmg.
Swift...
I originally found this bug while testing ricochet on Venator:
LVL 3 Ult seems to only apply pure damage on shot 1 and 2. Shot 3 only deals weapon damage IF you have increased firerate (as far as I could find out, as the bug also appeares when purchasing burst fire.