I discovered two things about owl:
1. You can shoot at the owl and trigger it's blank effect once in a while. I did this constantly while having Backup Gun 2. The blank cannot be triggered to open up secret rooms.
I am not sure where to add this information, and I also don't know if secret room info needs to be hidden behind a spoiler section. Could someone who knows for sure enter this information on the main page of the item Owl?
EDIT: With the newest release of Enter the Gungeon I verified that the owl used to trigger when shot at with your own gun. Patch notes read as follows in the Improvements section:
"The Owl will no longer attempt to blank the player's bullets "
BUG: There's an exploit where you're able to blank multiple times and shoot using the owl's abilities by switching guns rapidly, making you almost invisible to any bullets.