True if lead, but another option would be a harder material that didn't deform on impact ... then it cuts a core through the target.But will probably have less penetration power against armor, due to the same reasons that make it mushroom on impact...
It could be scored on the inside to fragment into splinters on impact ... Like a bundle of hardened penetrators.
I see lots of possibilities, an expanding hollow point is just one.
Just like today, the right bullet for the right job.