The only pro I can think of for bullet tips except that they don't dent your tama as much when they're new. Otherwise, they take forever to break in for border balance and are generally a bit harder to spike when new. It's weird. They generally change less over the course of their life which for me is a downside.
Bullet Tips last much, much longer than "pointed" tips. Some people might find that disadvantageous, especially if they like blunt spikes for purposes of Boarder's Balance. Personally, I like my spikes to have that point for a long time as it helps with spike tricks (the "point" of the spike helps the spike go into the tama hole easier). Plus, a kendama with a pointed tip, vis-a-vis a kendama with a blunt spike, looks much cleaner.
For what its worth, from a manufacturing perspective, it is generally more difficult to attain a perfectly sharp tip, than a bullet tip. I'm kinda 50-50 on it. I do like bullet tips (playability, durability), but the distinct look and playability of a sharp spike still appeals to me .