This doesn't reveal anything actually. Damage values are fixed against objects like hangars and ammo bunkers. Range most certainly affects the damage of rounds when hitting planes, GVs or the PT Boat though.
It is a physics calculation. HiTech has said that even altitude air density affects it in the game. It is likely quite significant.
Me thinks not as much as people tend to think. The bigger culprit of longer FMJ shots not doing damage are going to be the obvious: not enough shots on target and more so not enough shots on a small enough area on target. Just how often are we going to get 12, 18, 24, or 30+ .50 cal hits on a X square area on a specific part of the plane at 800 yards like we do at the closer convergence points? When a US fighter with 6/.50 cals has convergence set to 300 yards and the target just hangs their as a nice red bulls-eye, that is a bit different if that same plane pot shots a burst at an enemy target 800 yards away and in a high speed turn. About the only plane we could measure any of that with is the P38, and again that can really only be measured against a static OBJ like a hanger. Again, there is a difference between aircraft and gv's vs OBJ's, they way they receive damage is like comparing an apple and orange. We can only really measure damage to OBJ's.
I understand that HTC had modeled air density, I've read the same threads you have. However, I've not seen any data supporting the loss of damage for .50 cal FMJ's at longer ranges. Again, the only way we can document is to measure it off line vs an OBJ and go from there. IF in fact it takes a few more rounds to bust an OBJ at longer ranges then it is likely that the longer range damage ability vs an aircraft or gv via FMJ is modeled as well.
FWIW, I've not noticed at difference when in an enemy town in an M3 and I hammer a building up close or I let loose on a building a couple of hundred yards out. Mind you, I believe the .US 50 cal FMJ does its best work (AP penetration) at 600 yards, iirc. Likewise, the 5.56 NATO is best at 200 yards, and the 7.62 NATO is 500 yards, iirc (I'll have to look up exact data source).
Test it out and let us know.