OK, I've tried to figure this out on my own for a while but I need help.
I'm dropping as soon as the game allows me to drop. I'm aiming the mouse straight down as soon as the game allows me to, reaching 234 drop speed and maintaining it until I'm forced to auto-open the parachute. I then waggle left and right to drop faster.
Despite all of this, I'm STILL passed by people who land before me virtually every game to get guns before me. What on earth are they doing?
I don't know if you're doing this, but letting go of W right before the chute opens allows you to drop some extra altitude faster.