"Your bullets will ricochet on enemies near your target, applying any bullet procs and dealing a percentage of the original damage."
It applies any bullet procs AND deals a percentage of the bullet damage. Heroes like Seven and Wraith gain an extra benifit to this item in that their skills add magic damage per bullet that will bounce at full strength. Also items like toxic get their full damage on ricochet bullets too. It's working as intended, this item is simply designed to be better on these heroes.
I'd also point out that this is a late game item for late game "carry" heroes. It's expensive and very very good. I main wraith, pre 30 minutes I focus on split pushing. Post 30 minutes I get Ricochet and start harassing the team fights with it, suppresser bullets, and toxic bullets.