I believe 5e has a skill specialization for long arms called "long shots" which without a book to check what it literally is, only seems to be intended for firing beyond something already defined in the book (beyond extreme range). I however could not find anything already in rules for firing beyond extreme range, and if one were to codify it as something more than a GMs ok to take the shot at extreme range, it seems like a -10 to the shot to double the extreme range would make sense for several reasons:
The penalties increase cumulatively by 1 every time -0 to -1 then -1 to -3 then -3 to -6 which is a difference of 1, 2, 3 respectively so if you add -4 to the -6, it would make sense for the next theoretical range increment to be a -10 to hit.
The increments apear to be more or less doubling every increment so 1500 to 3000m or approximately 1.8 miles isn't unheard of even by today's standards, now add future tech and computers with rangefinders that can calculate wind speeds at all points on the bullets trajectory; IMO 3km should probably be end of extreme range.
Although the bullet should theoretically travel for 4+ seconds, the simple solution for weapon makers is make the bullet go faster; the .50 is an antitank rifle not because the bullet is big but because it goes fast enough that the sturdy bullet can pierce 5in metal plates. It's likely not 4 times the modern day travel speeds but it could easily be explained down to landing on target at the end of the combat turn; it's not like 1 second combat passes where people can move 25+m/s, 90km/hr, or 56mi/hr make a whole lot of sense either.
Bullet speeds do drop off as they travel, not as noticeably as an unaerodynamic object re-entering atmosphere, and assuming the shooter and target are on the same elevation, the bullet speed is often low enough that a hit on the extremities is often survivable with immediate enough medical attention; how does this fit in to the abstraction: once you are in extended range, a soft damage cap can be applied (things like called shot for damage could go past it but successes couldn't increase the damage than, say, the accuracy of the weapon).