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You answered your own question, Fabs! It's the trajectory of the bullet. Typical line of site is 1.5" higher than the bore so the bullet leaves the gun 1.5" low. The line of the bore is canted upward in relation to the line of site. The bullet eventually crosses the line of site and climbs above it and reaches an apex of it path and starts downward and eventually crosses the line of site again.
If you were to hold your paper against the muzzle and line the crosshairs dead nuts center of the target it would be 1.5" low then as you move the paper away from the muzzle the POI would steadily climb.
I think I'm understanding your question and your statement is spot on.
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