I am adding another answer since my first try was way off the mark.
Solution
Key thing to notice is that, for 12 bullets to be eliminated, there has to be 6 collisions in total involving any bullets in any order.
That means we don't have to workout all possible relative speeds and their respective probability of total elimination. We just need to calculate the probability of 6 succesive collisions to happen.
If the first bullet is the fastest, it will escape and the probability of this happening is 1/12. But if first bullet is not the fastest, there is guaranteed to be at least one collision (it doesn't matter that the first bullet may escape this collision, we will account for it in later collisions).
So the probability of at least one collision happening when 12 bullets are involved is:
$$p_{12} = 1 - \frac{1}{12}$$
For the second collision, we only have 10 bullets left. Following the same logic, if the first among the surviving bullets is not the fastest, there is chance for at least one more collision happening. So the independent probability of second collision is $p_{10} = 1 - \frac{1}{10}$.
In general, so for a scenario with n bullets, the independent probability of at least one collision happening is:
$$p_{n} = 1 - \frac{1}{n}$$
Looking back at our key insight, the probability of total annihilation is same as that of 6 successive collision events to happen, which is:
\begin{align}
p &= p_{12}*p_{10}*p_8*p_6*p_4*p_2 \\\\
&= (1 - \frac{1}{12})*(1 - \frac{1}{10})*(1 - \frac{1}{8})*(1 - \frac{1}{6})*(1 - \frac{1}{4})*(1 - \frac{1}{2}) \\\\
&= 0.2256
\end{align}
General solution
General formula for n bullets would be:
\begin{align}
p &= (1 - \frac{1}{n})*(1 - \frac{1}{n-2})...(1 - \frac{1}{4})*(1 - \frac{1}{2})
\end{align}