I have had the Hi-Point for many years, with and without the ATI stock. It has always been reliable, no complaints on accuracy, and fun to shoot.
With that said, I built a 9mm AR a couple years ago, and have only shot the Hi-Point one time since...and probably never again.
The AR is easier to clean. Taking the Hi-Point apart is a little bit of a pain, and seeing how primitive the action is still is kinda scary. I had dart guns as a kid that were more sophisticated.
The AR is more accurate.
The AR is more fun to shoot. With either stock, the Hi-Point feels like it is slapping your cheek whenever you fire it. By the end of a shooting session, it can feel downright uncomfortable.
As far as the why of a 9mm carbine...well, it shoots like a 5.56 AR, at <50 yards accuracy is on par with the 5.56 AR, recoil is similar to a 5.56 AR, and the holes in paper are easier to see. And ammo is cheaper. If you reload, it is MUCH cheaper, and reloading 9mm is 1/10th of the work of reloading .223. I can go to the range, shoot 300 rounds (about $35 worth of 9mm reloads for me), and have those rounds reloaded in a bit more than an hour not including tumbling time.
As far as comparisons to .22 go...shooting .22 from a rifle is closer to shooting a pellet gun for me than it is to shooting a centerfire caliber. And I can shoot a pellet gun a lot cheaper. I compare it to 5.56 because if you are shooting paper 9mm has MUCH more devastating effect on the target than a 5.56.