It took me a long, long time to wrap my head around this idea. And I finally decided that it's because the whole concept is just mislabeled. And because of this prevailing idea that there's something magical about any particular distance (ie 200 yards).
If anyone cares, here's how i finally figured out what's going on. If noone cares, stop reading now!

Imagine we have a nice, 100% flat shooting, perfectly horizontal shooting range that's 5,000 yards long. And along that range, every X yards, we have a target stand. On each target stand, there is a bullseye of Y inch diameter. And these targets are all aligned with laser precision to within one quintillionth of an inch.
Now we take a gun, any gun. And we mount it by the muzzle to a cradle that can pivot vertically. And we put that cradle so that the muzzle is in contact with the center of our first target. This mounting system can rotate so that the gun can fire straight up, straight down, and every angle in-between. And the muzzle of the gun will always be aligned with the center of the 0 yard target.
Obviously, if the gun is vertical, there will be no hole in any target. But if it is tilted forward, the first hole will always be in the center of the 0 yard target.
Now, let's start with the gun perfectly horizontal and fire a round. Perfect center of the bullseye on the first target, and as it moves out, the holes hit lower and lower on each successive target until the bullet is passing below the bullseyes. Simple enough, right?
Slowly tilt the gun upwards, a degree at a time, firing a round each time. The bullet holes begin to rise through the first few bullseyes, then drop again.
At some point, the angle up is enough that the bullet actually begins to pass above some bullseyes before dropping again.
As you continually increase the tilt, the bullet will travel farther, and the shape of the curve it's following will change.
Then, at some point, the range will again begin to fall off, but the shape of the curve will continue to change, until eventually, the gun is vertical, and the curve has flattened to a line.
Somewhere in there is a curve such that the bullet is impacting the maximum possible number of bullseyes. And that's what we're talking about!
I made this little drawing... probably should have just posted this instead of trying to say it all. Notice how on the 3rd image from the top, the bullet's flight passes through 4 bullseyes at the far end of its flight, while other angles have less success.