Hollow point ammunition has been around a lot longer than 40 years. What the OP is talking about is cutting a notch in the nose of a bullet to make it more likely to expand. Some use to refer to these as "Dum Dum" bullets. Here is some information on the history of hollow point bullets.
"The first hollow-point bullets were marketed in the late 19th century as
express bullets, and were hollowed out to reduce the bullet's mass and provide higher velocities. In addition to providing increased velocities, the hollow also turned out to provide significant expansion, especially when the bullets were cast in a soft
lead alloy. Originally intended for rifles, the popular
.32-20,
.38-40, and
.44-40 calibers could also be fired in
revolvers.
With the advent of
smokeless powder, velocities increased, and bullets got smaller, faster, and lighter. These new bullets (especially in rifles) needed to be jacketed to handle the conditions of firing. The new
full metal jacket bullets tended to penetrate straight through a target and produce little damage. This led to the development of the
soft point bullet and later jacketed hollow-point bullets at the
British arsenal in
Dum Dum, near
Calcutta around 1890. Designs included the
.303" Mk III, IV & V and the
.455" Mk III "Manstopper" cartridges. Although such bullet designs were quickly outlawed for use in warfare (in 1898, the Germans complained they breached the Laws of War), they steadily gained ground among hunters due to the ability to control the expansion of the new high velocity cartridges. In modern ammunition, the use of hollow points is primarily limited to handgun ammunition, which tends to operate at much lower velocities than rifle ammunition (on the order of 1,000 feet per second (300 m/s) versus over 2,000 feet per second). At rifle velocities, a hollow point is not needed for reliable expansion and most rifle ammunition makes use of tapered jacket designs to achieve the mushrooming effect. At the lower handgun velocities, hollow point designs are generally the only design which will expand reliably."
I believe it was in the Muzzleloading Caplock Rifle by Ned Roberts that he mentioned that hollow point bullets were used as early as the late 18th century but were not popular or seen often. But here we are relying on my memory of a book I read 25 years ago.