And if you placed a second target at 30yds, you will see that the bullet impacts higher.
You say that you bench rest your firearm at the same height as the target. So is the barrel in line with the bullseye? Or the sights? It can't be both. It must be the sights that are aligned with the bullseye. And because the barrel is below the sights, then the barrel must oriented up in order for the bullet to hit the bullseye. By punching in some numbers into a ballistic calculator, you can see that the first time the bullet intersects the 25 yard point, it is still rising. It will continue to rise, peaking at around 35 yards before dropping quite rapidly. So yes, at 50 yards the bullet will have dropped.