It's long been my opinion that much of the energy in typical hunting bullets is used to to deform/mushroom the bullet. That is energy not used for penetration.
Along with that, once it mushrooms there is obviously more frontal area. Also, usually when a bullet deforms, it flips around tail first. Think of the expanded nose as a parachute or fletching on an arrow.
Use a hard cast non-expanding and it's a different game. IIRC, Paco at Sixgunner.com killed a cape buffalo with a .45LC (loaded WAY up) and hard cast. I believe he got thru and thru penetration. During tests I believe he got four feet of penetration in wet newsprint.