I'm having trouble remembering but I think it involves vectors relative to gravity. When you fire straight up you are having to overcome gravitational force as well as air resistance. When you fire horizonally you are not really counteracting gravity but just air resistance. In theory, if you were to fire a bullet from a barrel parallel to level horizonal over a flat surface, the bullet would fall to ground at the same rate as a bullet simply dropped from height of rifle (32fps per second minus air resistance). The faster the bullet is shot, the further it gets before striking ground. As you vector the shot upward, you are counteracting gravity which is why the bullets "falls" less and you hit higher relative to aim. If you shoot straight up the bullet doesn't "fall" at all relative to sight line. So for hold purposes the range is shorter as you angle up (or down) from level. For air resistance the distance is total flight path with a little extra drag from gravity. Sorry for the long post I'm reasoning as I type and I'm too tired to edit....
Short answer: If you shoot 50yrd straight up you have 50yds of air drag to expend energy on and also expending energy counteracting the full force of gravity on projectile. If you fire horizonal 50yds you still have 50yds of air to get through but none of the energy in the projectile is being expended overcoming gravity.