It's a hair trigger, not rapid fire, this means (if you're on Xbox One or PS4) you can barely pull the trigger to make it fire instead of having to pull the trigger all the way.
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But what is the point of the perk if it doesn't affect RoF? To save you some mileage on your controller???
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That's not a question I can answer, you'll have to ask Bungie, I'd rather it be a Rapid Fire myself, hair trigger does nothing for me.
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I hear you. Easily the most useless "perk" in the game.
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Agreed, I leveled it because I was under the influence it was a rapid fire type perk. Only to be disappointed...