Since kinetic energy increases with the square of velocity, if you can create a payload that can travel at hypersonic speeds (like a tungsten rod) without burning up then the amount of kinetic energy is in the tens of millions of joules. That's enough to destroy any single target, but doesn't have nearly the same destructive power as a nuke, which releases trillions of joules of energy.
By the way, checkout small kinetic projectiles bombardment https://en.wikipedia.org/wiki/Lazy_Dog_(bomb)
but that’s enough to destroy any single target! Like some bunkers.
I suppose if you made the tungsten rods heavy enough and made made them travel fast enough you could get kinetic energy on par with small nukes, but the problem is it's highly directional (i.e. most of the energy is released underground and absorbed by the earth), unlike a nuke which can release all of its energy at once in an airburst 100 feet above a city.
It would be useful as a PGM in the arsenal, but probably not enough for MAD in an arms race. I could be wrong, though.
After all, you don't really need to have an explosive payload: just dropping a heavy enough missile can be devastating.