Depends on the firearm and the constructed design of the hollow point.
Put a plain flat nosed wadcutter in a 6 inch .38 spl and push it slow with a fast burning powder, you get one hole groups. Since semi autos will not usually feed flat nosed bullets, the other designs are needed. I have seen some hollow points that have a long bearing surface actually shoot very well at target adjusted velocities. The difference with most factory hollowpoint rounds is that they are defensive ammo. The velocity is higher for performance in defesive situations, and the ultimate target accuracy takes a slight sacrifice. A standard velocity round nose will often group a little tighter than a high velocity hollowpoint.
I always try to find a good, cheap ammo that my gun likes. When I am at the range I like tight groups and no malfunctions. You just have to find the right ammo for you individual gun. Once you do that, find it on sale and stock up. You will have a lot more options and control if you reload your own though.
I haven't bought ammo in a decade unless I needed the brass and could get it no other way. The best target ammo for my guns is the stuff I crank out in the basement! It is also the best defensive ammo and the best hunting ammo!
It is all custom stuff formulated for my particular firearms. Since I cast too, I can reload for all of my handguns with the bullet that my best loads are formulated for whenever I want, in the quantities I want too.
It is way past time for a shooter to get into reloading and every reloader should be a caster too.
In semi-autos, hollow points are generally the most accurate bullet from a bullet design and construction standpoint. The primary reason is that the jackets are put on from the base to the top, which provides very consistent and uniform bases. Base uniformity is large contributor to final accuracy in pistols.
For example, the most popular 9mm (.355) bullet used at the Bianchi cup are match hollow points made by Sierra, Hornady, Zero, or Nosler. In the right setup, these will print 50yd groups of under 1/2". Operation Tackdriver - Brian Enos's Forums... Maku mozo! - Page 2 I know the gentleman posting. He's the real deal.