Target panic is relatively common and isn't ever an "easy overnight fix" unfortunately.
A brief overview of what it is...
As we start out with a release we get the pin into the bull and pull the trigger.
This gets us to be a pretty good shot and some are better than others but at some point the anxiety of missing starts to take over or we try to focus on getting more accurate and than the problems start.
We've conditioned our release hand to "fire" when the pin hits the bull...you exemplified this perfectly with this comment
For some reason its a jerk reaction to shot on 1. If I can get to 4 I shoot a bulls eye every time.
We've become what we call a "drive by shooter"...pin floats and floats and floats and than we swing it through the bull and QUICK FIRE WHILE THE PIN IS IN THE BULL!
What's more is that it's not even conscious...and it perplexes us.
A few things to make it better, some have been stated already...
1. Draw and aim hard on the bull...DON'T SHOOT!....hold it for 5 seconds and let down. Do that every other shot for a while. You need to tell your subconscious "it's ok to be in the bull and NOT fire right away"
2. Make the act of releasing or firing the trigger a PROCESS not a single action. Develop a shot sequence you mentally recite as you shoot. More importantly make sure the firing of the trigger is NOT the end of the sequence. It can be as silly as touching your nose with the release after the shot but make sure something is after the actual release and that you do it every single time.
If the act of releasing is the end of the sequence....you start to anticipate it and your back in the same boat as before. For instance, I touch my release hand to my shoulder.
Example of a shot sequence...
Nock arrow
Release attached
Acquire target and focus...
Draw (with focus still on target)
Jaw anchor
Peep
Aim
Aim
Aim
start the shot
Aim
Aim
(shot goes off)
Follow through
Release on the ear
End
Notice there is no "Fire", "Release" or "Shoot" in there anywhere

Make the firing of the trigger a slow pull making it a process not an action...and practice it at point blank range with your eyes closed not aiming at all. Only focus of the release...it's called "Blind bale" shooting.
Your mind can't think of 2 things at once...try it:lol:
If your thinking "Shoot!" or "Fire"....you aint aiming
So making the "fire" a process committed to muscle memory allows you to think "Start to fire" or whatever and return your focus to aiming...the shot will happen without you and subconsciously if your doing it right. In fact it may downright surprise you and that's kinda what you want.
I've struggled with bouts of it but when I get serious I blind bale before every session for 3-4 arrows to "reset" the muscle memory of how a good shot feels.
Sorry so long but even this is a short version...it's a complicated thing.