You get hit just enough for you to start bleeding out and you have to bandage yourself. Ok fine, but this guy right in front of me will come to me and kill me at any second, so unless I play medic, I cannot bandage myself because I must defend myself right here and now, and so the game auto kills me after a few seconds because fuck you.
If you already could get killed by bleeding out in previous playtests, then it was not an issue. You still had to bandage yourself or else you would die, but you were still able to defend yourself in critical gunfights and either win it or die from enemy's hands, whereas now you are forced to die either way because the game says so.
There were so many situations today that happened to me where I had no time to bandage myself because I had to defend myself against incoming enemy that was close to me and the game killed me because I was unable to immediately bandage myself upon getting shot at. Describing it as "incredibly annoying" is a severe understatement.