It very well may be possible, but I'm thinking the same way as well. Who knows, water from my garden hose just bounces off steel, yet they use water to cut steel...
I've often wondered about this while shooting steel plates with the SMK's because they just drill right through like nobodies buisiness up closer, but back away and it seems the plates start to absorb more of the energy, and if you're back far enough they won't penitrate all the way anymore, but they sure are doing one hell of a lot of damage still.
No doubt, slow them down enough and they will not open up at all, I just wonder if at close range they do not have enough time or something to really mushroom out before they exit the off side.
Maybe the rate of expansion increases much "slower" at higher impact velocities than we think, and tissue reacts differently at the higher speed on some bullet designs. Something cut or punctured slowly is often harder to do so than if it's done faster.
I shot a 178gr A-Max at 800 yards out of my 300 Ultra and recovered one in the sand, near the top of the sand too. It was in two pieces, not a whole lot of it left at all, just a jacket and a small piece of lead. That next spring, last year, I shot a Black Bear at 100 yards with that same load. The Bear was facing away from me up a hill and the bullet entered between his shoulder blades and exited his throat with a 1-1/2 to 2" hole, he died instantly. Broke the spine and also traveled through somewhere about 14" of Bear in the process.
As you can see, the terminal velocity was way high, and it wasn't just fur that flew with the bullet blowing up under the skin but, rather it was full penitration and then some, but the exit hole was still not the size of a baseball or grapefruit etc, something more of what I would have expected from good expansion from a hunting bullet is all.
Now I ask myself, did that bullet penitrate all that way, through that nasty spine and all just because it was going so **** fast that the animal offered little resistance in that shorter time frame???
I really wish I had some dead animals to test some of this stuff on, but short of finding a dead one in the field from a poacher or something I doubt I'll get that chance anytime soon. I know there's lots of road kills that have mangled quarters on them that the charities probably just pitch out in the trash. Never really thought of it before but, that might be source of a perfect new test media. I bet a lot of you guys could get access to literally tons of Deer that have pretty much been toasted on the roads down there, not fit to be eaten etc...