These are the same forces that bullets cause in various fluids.
I think the term for what you're describing is cavitation. Already mentioned by MD, Jordan, and possibly a few others.
As far as "hydrostatic shock" or better yet, "remote wounding and incapacitating effects in living targets through a hydraulic effect in their liquid-filled tissues," I don't have the background or time to research or de-bunk it. Or the inclination. I'll leave that to people who've studied it like doc rocket and MD.
All I can offer is a few observations. They certainly don't "de-bunk" it using science but they tell me all I need to know to satisfy my own curiosity. Most of the animals I've shot through the ribs (and lungs) have run a fair distance. I didn't measure the distance or keep notes on it but I'd say 40-100 yards is a good average, some a little more, some less. So they were not "incapacitated" by a shock wave; they were incapacitated by massive blood loss, drop in blood pressure, and being unable to breathe. One mule deer buck was standing in sage broadside at 30 yards. The bullet blew a huge hole through the rib cage with blood and lung tissue splattered on the sage 20 yards behind him. Yet he ran about 150 yards. Definitely not "incapacitated." He finally ran head-on into a tree and collapsed.
Some others dropped on the spot, but that number is about 10% of the total or maybe a little more. I didn't perform an autopsy so I don't know the precise cause of death. It could be some remote hemorrhaging of blood vessels in the CNS. But if so, it only happens 10 or 20% of the time based on my observations so IME it's not a very reliable or predictable phenomenon. If it was a simple matter of physics as its proponents believe, it seems they'd all drop on the spot.
High shoulder shots that hit bone and neck shots are a different story.
