it is sort of silly though. if i understand correctly, hollow points are not terribly useful in a typical military engagement because they are easily stopped by body armor. modern military rounds like 5.56 are designed to have a small cross-sectional area at impact to penetrate armor.
Terminal ballistics is the mother of all holy wars. There are undending arguments over caliber, weight, soft point vs. hollow point vs. JHP, etc. Expanding bullets pretty useless against body armor, but so are pistols in general, because AFAIK the U.S. military doesn't issue armor-piercing pistol ammunition. Besides, any sort of infantry engagement will rely on 5.56 rifles, and the standard M855/M855A1 ammo, while not strictly defined as "armor piercing", does contain a steel penetrator and is quite effective against body armor at close-ish ranges.
Nevertheless, the U.S. military very much believes in the usefulness of hollow points in urban/CQ environments, and in fact the Army is now issuing hollow point bullets for the M17 and M18 service pistols. Presumably this ammo would not be used in a conflict against uniformed soldiers from a fellow Hague signatory state.
[1] https://en.wikipedia.org/w/index.php?title=Expanding_bullet&...
From the Hague Convention:
"The Contracting Parties agree to abstain from the use of bullets which expand or flatten easily in the human body, such as bullets with a hard envelope which does not entirely cover the core, or is pierced with incisions.
The present Declaration is only binding for the Contracting Powers in the case of a war between two or more of them.
It shall cease to be binding from the time when, in a war between the Contracting Parties, one of the belligerents is joined by a non-Contracting Power."
It describes a completely different type of round.
That was written primarily to apply to what is often called a "dum dum" bullet.
5.56 (with certain exceptions for things like m855 or armor piercing) is designed to fragment, not expand, and some variants that might appear to be a "hollow point" are actually designed in that way to enhance ballistic performance (OTM).
Interestingly, just last year the US Army approved the use of expanding bullets in M17 and M18 service pistols (both Sig P320). The issued ammo is Winchester XM1153, and yes, the Army (and everyone else) refers to this as a hollow point round.
EDIT: Also note that the Army disagrees with you; their justification for approving the use of hollow points is not that they're allowed under the Hague Convention, but that U.S. is not bound by it in many cases, such as warfare against irregular fighters, which describes pretty much all military conflicts for the last decade.
Also "dum dum"is a type of bullet (and I'm old enough to remember) that described a soft lead bullet that often did expand, not a hollow point. Hollow points were not in general use back then though they did exist.
But I seem to remember you saying that Hague Art. III doesn't cover HP ammo at all, which is incorrect. If you carried HP ammo in Afghanistan, it was allowed (strictly speaking) because Hague doesn't apply to conflict against irregular fighters. The U.S. military openly acknowledges that Hague prohibits HP ammo in regular warfare between signatories, and that information is everywhere you look if you follow any news or debates about military firearms. For example, the big news about the new M17 isn't the gun, but the fact that HP pistol ammo is now standard-issue, and how the Army addresses Hague Art. III in justifying the change [1].
1 - https://thenewsrep.com/73676/big-story-armys-modular-handgun...
Here's an actual legal analysis that explains the ridiculous footing the Hague convention "dumdum bullet" ban (because that's what it was) has: http://www.prep-blog.com/PDF/Hague-Hollow-Points-Berry.pdf
There are some good arguments against mercenaries incentive wise as being bad for peace. Ironically Military Industrial Complexes have even worse incentives - an amoral actor (out to maximize gain and indifferent to suffering not inflicting it gratuitously) might want to start a war but it should be one they would win and survive. A MIC with the same lack of morality would care only about generating demand and not victory as seen as early as Civil War profiteers who sold shoddy goods. On the other hand one advantage a MIC has is they are content with cold wars and stockpiling. The underlying problem war for profit is sadly ancient - before there was such a thing as a MIC many would fight openly for the sake of plunder and profit.