I would try squirting some plusgas easing oil around the bullet, then wait a few hours and then with some needle nose pliers pull, or squeeze the connector and then pull to get it out. As a last resort if the wire comes away, drill out the old connector with a drill bit, just a little smaller than the diameter of a bullet connector.
The circuit is such that, inside, a wire goes from that connector, winds only a few times around a small transformer core as the primary and then go to the opposite bullet connector. It is done with opposit gender connectors so that you can pull out both white wires and plug them into each other to complete the ignition circuit to allow the car to run without the rev-counter.
Earlier versions used a U shaped thin iron strip as the transformer core, with half the 'core' outside the can and the primary was wound around the outside portion of the core. Like this one: