Nope, rebar isn't "junk" steel.
In designing a concrete structure, when in tension, you always have to assume that the concrete is fractured, and the rebar is holding the whole of the load.
In addition, rebar has to be so ductile that it can be bent nearly back on itself to form in the structure...that ductility will protect the shooter from pieces of shrapnel.
It needs to be fairly precise in composition and mechanical parameters...whether scrap was a major source or not, a metallurgist will sample the melt and top up the "additives" accordingly (as an aside, now that cars don't have big chrome bumpers, power station piping is not as good as it once was).
Some specs for 4140
http://www.interlloy.com.au/our-products/high-tensile-steels/4140-high-tensile-steel/
Some specs for weldable rebar (A706)
http://www.portlandbolt.com/technical/specifications/astm-a706/
Carbon
4140 - 0.36 to 0.44%
weldable rebar 0.3
rebar probably doesn't have quite as high a tensile strength, lower hardness, and will bend/erode easier/quicker.
Manganese
4140 - 0.65% to 1.1%
weldable rebar 1.5
rebar will be more ductile and display better fracture toughness.
Chrome
4140 - 0.7 to 1.2
Molybdenum
4140 - 0.15 to 0.35%
weldable rebar - neither mentioned.
4140 will have a higher tensile strength, and better resistance to barrel erosion.
Impurities (sulfur and phosphorous)
4140, 0.04% max of either
rebar, 0.035, 0.045 respectively.
Supposedly the elements that made the Titanic brittle, and remarkably similar.
Mechanical properties.
UTS
4140 (R Heat treat) - 700MPa
weldable rebar - 690MPa
Yield
4140 (R Heat treat) - 525MPa (actually 0.2% proof, rather than yield, as some alloy steels have an ill defined yield).
weldable rebar - 551MPa
Ductility
4140 - 15% elongation
weldable rebar - 12% (in barrel sizes).
Thus my statement that it is likely a very safe stunt.