Someone has recently mentioned a "bullet tip". I assume he meant something for target shooting but it sounds like some hunting equipment.
So, what exactly did he refer to?
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You are right, a "bullet tip" or "point" is something used for target shooting. In fact, it's THE arrowhead used for target shooting.
The term "bullet" refers to its shape:
However, the bullet point and the field tip are the most used arrowheads for target shooting.
Here's a listing of the most common points (classical broadhead is missing):
I wanted to make clear that you never ever should use a bullet point to hunt! As you've already assumed the point is only used for sports. Read more about this topic here.