TTK 2.0 has improved the survivability of players and helped reduce 1 frame insta-deaths, especially at long range, but not completely eliminated the TTD issues.
It's a step in the right direction, but other options besides nerfing bullet damage should be explored.
Low weapon recoil and high fire-rate are the two main things currently causing bundled damage and 1 frame insta-deaths. All (most) bullets are landing on target in BFV due to low recoil and the removal of aim-down-sight spread.
Increasing recoil slows down the TTK due to bullets missing the target. The MP28 has a good amount of recoil, but most weapons in BFV have little to no recoil.
Recoil forces players to burst fire at medium to long range, thus slowing down their rate-of-fire. Recoil also causes bullets to miss the target. Both of these will slow down the TTK and reduce 1 frame insta-deaths from bundled damage.
As recoil for a weapon is increased, damage drop-off for that weapon needs to be decreased. Otherwise it will take forever to kill a target at long range.
MMG's with no recoil due to bi-pods, and having a high rate-of-fire (1,000+ RPM) will require high damage drop-off since all (most) bullets will land on target. Otherwise they will cause 1 frame insta-death issues.
Spread used to help mitigate these issues. Once spread was removed from aiming down sights in BFV, 1-frame insta-deaths started occurring. Recoil is the nature replacement for spread.