The player (have not tested AI) may only have up to 13-15 bullet hole decals at any one time. So if you shot 10 rounds into a wall and 10 rounds into a car, 5 or so of the decals will have vanished from the wall...
Currently the decal is just a black mark so why not up that to 180 at least. That's the standard combat load for a us soldier.
http://thedonovan.com/archives/modernwarriorload/ModernWarriorsCombatLoadReport.pdf