It does make a bit of sense, but it would detract from the gameplay, I think.
You can reload weapons really fast, if you know how, know what you are doing and have a good coordination. If you mess up in the process, you are out of your rhythm. If you follow standard procedure, it's a bit slower, but it gets the job done every time.
I do not think this should be in the same way as GoW, because first of all, there will be a quicktime event to have better skills and second of all that bar would be bad, since we are trying to have less HUD elements.
Fast pistol reloading:
YouTube - Fast Pistol Reloading
If you mess up during that process, you probably need a while to recover or fiddle with the magazine to get it in, but if you get everything right, it works and is really fast.
Bolt action rifles in itself are slower to reload because of the internal magazines of course. Also dirt and other influences can change the speed, so someone that is crawling or diving into the mud a lot, will probably have problems reloading vulnerable weapon systems, that can jam a lot.