Of course shot placement is key. No one would say that they should get anything other than the very best hits they can in a given situation.
I like, whenever the subjects of caliber war, penetration depth, energy dump, HP vs. ball, etc. come up, someone says "placement." Like, the fact that you have to hit your target makes every other variable mean nothing. "Should I get HP or ball ammo for my .380?" "Placement." "Should I go with 9mm or .45 for HD?" "Placement." It doesn't answer the underlying question, and is often irrelevant to the question.
I can get the same placement in HP and ball. I can get the same placement in .45 and 9 (although 9 would be easier to use, and some people can't handle anything bigger). So..."placement" doesn't help differentiate between the options available.
Exactly what is this idea of 'overpenetration'?
There are several theories as to why OP is bad:
1) If you don't spend all your energy in the target, then there is something ineficient going on. You could have had it expand wider, or had less recoil, or dump more energy into the target. Personally, I'd rather risk overpenetration than underpenetration (didn't reach the vitals), but that's just me. With that said, I don't go for something that has 30" of penetration and doesn't expand, I just want a HP that penetrates 15-18" instead of 10-12".
2) The fear that the bullet will continue through the target and hit something else behind him. This is mostly irrational to me, because if you're going to miss (which you will with a pistol round), then it's going to hit stuff behind the target anyway.
3) The fear that if you miss and hit a wall, it will hit someone behind the wall. This is just plain illogical. If you want something that won't go through walls, you're pretty much limited to an airsoft gun or really fine birdshot.