Rendering order issue: tracers are visible on top of everything.
DX10 with SRP patch to enable them back. It's hard to take a screenshot of this, but it's really notable in-game.

UPD: removed two useless screenshots that do not represent the problem.
This happens on my GTX 1060 iff I enable in-game MSAA. After disabling in-game MSAA and restarting the game, tracers are again correctly obscured by geometry. SweetFX's SMAA does not exhibit this bug. Therefore, this looks to be a bug in the game's MSAA shaders. Disable in-game MSAA as a temporary work-around.
Note: The SRP contains the gamedata\shaders\r3\effects_bullet_tracer.s file from CoP to fix tracers not being visible at all in DX10/10.1 mode.
Fixed in https://github.com/Decane/SRP/commit/e079d463bc1dc12bf1b4831a2e506a81ab1f6585.
Not fixed properly in https://github.com/Decane/SRP/commit/e079d463bc1dc12bf1b4831a2e506a81ab1f6585 - the tracers are barely visible against a dark backdrop. Re-opening...
This has been fixed by https://github.com/Decane/SRP/commit/a4e5f513c87054973684da932b2664079157bdf1#diff-0ccb53fd2e5e2efcc1851def1ef4ae65693242f94721061efeb5241e092f4ae7 at the expense of reintroducing the vanilla bug of tracers not being visible at all in DX10/10.1 mode.
I will keep this issue open until someone shader-savvy devises a proper fix.