This has a real-world basis. Rocket launchers and recoilless rifles usually have fairly low projectile velocity, so the drop is much more noticeable. And the projectile is also much larger than a normal bullet, the trajectory is more obvious: it rises first, then falls, and only later crosses the sight line.
When you pull out the launcher, the reticle changes from your main weapon’s crosshair to the launcher’s own reticle, which sits lower.
The round starts out traveling upward at a fairly noticeable angle, which is why at short to mid range it can fly over a target instead of landing where players expect. In practice, that means against a target at the same height as you, you may need to aim lower than expected.
I believe the team is aware that some players have given feedback about struggling to adjust to this, but I don’t have any updates to share at the moment regarding any changes or tuning.