It does seem like master is much more extreme than expert but technically it's the same increase in damage taken and decrease in damage ealth as adept to expert is.
I think it's mainly the nature of health. Sometimes the 2x increase is going to mean more than just a +.5x the number of hits required to down a master enemy.
Effectively an enemy on master has 20 health vs. expert's 15. What if you deal 10 damage though? That means it can take twice the number of hits.
Same can be applied to your health, let's say an enemy deals 10 damage, 15 on master. You've got 15 health. 1 shot on master, vs. 2 shot on expert.
Obviously it won't line up like that every time, but I'm guessing that's what makes master feel like a more significant increase in (effective) enemy damage and health.
Yes, it makes single hit to kill harder, you also takes double damage. so if you attack three bandits on normal, you manages to snipe two, and kill the other with two hits.
Now on master your sniping just wound one bandit serious so you need an seconds shot to get him down, the two other attacks you and you need four hits to kill each of them.
This setting is much more than twice as hard.