agreed. The problem with the bullets and the target story is that when explained, we somehow perfectly know where the bullets are- be in on target or a small grouping somewhere else. Cheapo meters won't give CONSISTENT or REPEATABLE results, not matter how "precise" they pretended to be, or how accurate the spec sheet claims, especially considering the last digit(s) may be totaly wrong, and random. It's like having crappy or dirty test leads or a component. You'll get all the digits in the world, but they keep changing. You won't even be able to pick a reading.
Keep in mind that "calibrated" equipment doesn't even have to be precise or accurate. An example would be an adjustable power supply with digital readout. Say it's always reads high by 0.7 volts. It's not precise or accurate, but by knowing the offset it can used with success and may even have great regulation.
On the other hand say you have an alibaba special power supply that's "accurate" to +/- 0.35 volts, with terrible regulation that oscillates.
What power supply is better?
So the point is cheapo equipment can have lots of bogus digits and readings that flop up and down, while better equipment can be more consistently wrong, which can be compensated for. Precision and accuracy mean little by themselves if you need multiple readings.