It's already doing a "bounding box" anyway, the radius description is faulty if what it really happens is what is described in this thread, which is the engine looks at the center position of the model and checks all the values of X - radius to X + radius, then Y then Z. That's a cube. Now you can say "yeah but look this cube is amazingly cheap", except for when? Except for the most problematic cases when it's not cheap at all, which is exactly when it becomes absolutely useless, for instance, in many BP cases.
Now what is the point of having an algorithm that works amazingly well when the scenario is simple, the warships are far away from each other, etc. but when we need the engine to get really optimized, "oops the optimizations just don't work here"? Why bother then? conversely, so what if the bounding boxes are costlier than the simple cube check that the engine does now, if when things get really complex and gritty it is able to perform admirably better? Isn't that the whole point of having an optimization algorithm?
The difference is not between having simple radius checks and bounding boxes, the real difference is between having these bounding boxes calculations and narrowphase full mesh intersection calculations.
Why do I say this? Simple. A bounding box will have at least 10 times less volume than the simple radius cube. This means that for each second, 90% of the time, instead of having a narrowphase check every time a bullet entered the radius of a ship, you'd have only a bounding box calculation. Unless this bounding box calculation is almost as costly as the narrowphase check, you are winning computation time here.
My two cents.