OK, here's my experiment. The photo shows the front of the second eyelet on the left and the first eyelet with the second one set through it on the right. I found that if I squeezed too hard with the CAD, the hole shape distorted.
I think the issue is that the second eyelet splays out rather than rolling down, IYSWIM. I'd be kind of surprised if the SU! ones don't do the same as it seems likely it's doing it because the first eyelet means it's up against a hard surface which affects how it can move but I haven't seen a close-up of anyone's results with the SU! ones so I don't know for sure.
I wonder whether you could get less of the second eyelet's "squished bit" showing by having the whole thing go through a thicker layer? So putting a small piece of chipboard behind your paper before you punch the hole and set the first eyelet, for example. If you had two layers of paper, like you would in a bag arrangement, you could sandwich the chipboard between so it wouldn't show at all.
HTH some!
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