Cobra Shot was mentioned in the April Fools' Day Patch 9.0.5.0.5 notes: "Combining Cobra Shot with the [Spitting Cobra] and [Killer Cobra] talents now motivates you to re-open a controversial karate dojo in the San Fernando Valley." This is a reference to Cobra Kai, a 2018 TV series based on The Karate Kid.
Now learned at level 14 (was 1). All hunters now start with [Steady Shot], and Cobra Shot replaces Steady Shot for Beast Mastery hunters at level 14.
Ranks 2 and 3 baked in to rank 1. As a result, rank 1 damage has increased by 100%, and cost reduced to 35 Focus (was 45). A new rank 2, learned at level 49, increases damage by 50%.
Patch 8.1.5 (2019-03-12): Damage increased by 25%.
Patch 8.0.1 (2018-07-17): Now also reduces the cooldown of [Kill Command] by 1 second. Rank 1 cost reduced to 45 Focus (was 50).
Patch 7.3.5 (2018-01-16): Rank 1 damage reduced by 50%, and cost increased to 50 Focus (was 40). Rank 2, learned at level 3, reduces cost by 10 Focus. Rank 3, learned at level 52, now increases damage by 100%.