I have the same one. It's more of a "novelty" but you're right, it a POS in terms of loading. The spring gets pressed "shorter than it should be, and doesn't fully push the plunger back up as you mentioned.
One thing you can do to salvage it: unscrew the "mag" casing, and stretch the spring longer and put it back together. Then from that point on, don't lock the plunger down.
It's kind of a cheap item, so it's somewhat expected.
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