This is what's known as "lugging the engine". Not good.
It could possibly be combined with a jetting issue, which you notice when you try to open the throttle up to accelerate up from a relatively low rpm under load. If there is a lean-jetting issue, that would make the risk to the engine even worse.
Your rpms at that speed in 5th, with the added load of the hill are insufficient for the power curve to easily supply the needed power, so the engine starts to object.
Opening the throttle wider to get more power causes a condition where the ignition is too far advanced for that throttle opening at that rpm, causing piston heating, and is a recipe for an engine seizure in a Bullet engine which is not fully broken-in. The Bullet does not have a vacuum-operated ignition-retarding mechanism to deal with these kinds of circumstances.
Use the gearbox! That's what it's there for.
These bikes often need downshifting on any hills that are of any consequence.
If the hill creates a circumstance which interferes with your break-in limits, try to avoid that hill, and others like it until break-in is further along. If you get unknowingly caught on a hill that causes a circumstance like this, it is better on the engine to go ahead and downshift into a higher rev range, than it is to lug the engine at too-low of an rpm for the situation at hand. Even after break-in is completed, it is best to avoid lugging in any conditions, and best to keep the engine rpms in the "happy range" when going up hills, even if downshifting and higher revs are required. If the engine feels like it's objecting to the low rpms, then downshift.
This is a serious issue. There's been more than one Bullet that's bitten the dust in similar circumstances. I have an engine here in my workroom that has 3 large holes in the crankcases and a broken-off connecting rod in it. The previous owner seized the piston while lugging up a hill at 40mph. I bought what was left of it for parts.
Beware!