Any projectal is a machine for transferring the energy of the powder into a target. Its not a 100% trade off. 50% of the energy is spent on recoil, newtons ugly head. But also energy is spent as a flash of light, the heat into the barrel, venting through the vent hole or around the nipple, and blowing the crude out of the muzzle. The loss of velocity happens because the bullet is giving energy up into the air. In a vacume a ball would fall in response to gravity but would maintain its velocity until it hit something. Just as a ball trades off velocity before it hits it trades off,or transfers it energy into the target quicker then a conical.
Shooting a big block of ballistic jell or a thick animal will demonstrate this. A conical will have a deeper penetration, The reason is the energy is staying in the conical, it is maintaining its energy in response to the resistance of the target. A ball is transferring its energy in to the target.
Since the invention of the Minnie, a bullet with better coeffecnt then a ball, bullet designers have been working on ways to maintain the ballistic properties until it hits a thick target, then shed its ballistic properties to create a wound. Silvertips, hollow points, dumb-dumbs ect have all been invented to ruin the balistc co-efficient of the conical. A prb already has crapy balistic perfomance .Poor coeffecent means it gives up its energy better into the target