So when I first read this, I thought it meant that I take my weapon out 30% faster. Now, much later, it dawns on me that it might mean drawing the bowstring.. Can anyone tell me what it does?

its drawing the bowstring, means you can more quickly put shots on target before the distance is closed, especially if you make sure every shot is drawn to maximum.

Ok, at first I was like "this is such a bull 70-skill point ability". But I guess it can also mean that and is worth taking.

Huh, I thought the same thing as the OP at first and wasn't really sure why that was at the top of the perk tree. Drawing the string faster makes so much more sense. I feel stupid now