Actually, in a vacuum, it would hit the earth's surface with the same velocity it started with (if it was fired from a point even with the surface).
Yes, the bullet has to "fall" a bit farther to get to the surface due to the earth's curvature. But the gravity vector also moves "behind" the bullet a little, so that the force is ALWAYS normal to the surface.
Another way to look at it is that on a perfectly spherical earth with uniform mass distribution, any two points the same distance from the center define identical gravitational potential energy. So a projectile gaining energy from gravity by going up and then coming back down to a point of the same elevation relative to the earth's center would violate the first law of thermodynamics.