Nice job! It's a neat concept and the execution let me engage with it pretty well.
There's some jank in the collision, sometimes the bullet or the player clips outside of the arena or I don't get the bullet again when it collides with me.
Also, it would be nice to have a visual indicator for when I can reclaim the bullet. I often miss after trying to catch it, and then I don't know how long I have before I can try again.
In any case, I had a fun time. :)