I would not presume to know the specifics of why this isn't done but will throw some idle speculation your way on the subject.
As you mentioned, the .22 rf bullets have a rebated bullet base, the case and bullet O.D. being the same for practical intents. Making a swaged copper jacket bullet ECONOMICALLY for such union would be problematic at best, but in my opinion virtually impossible. A big reason that the .22RF has been so popular over the decades is it's ammo cost, even today in the few pennies a round realm. Compare that with ammo of the .17 HMR and Mach 2, or even the .22 WMR and you see the effect of jacketed bullets on ammo cost. I'd opine that the profits from manufacturing RF ammo are thin, and require volume sales to avoid red ink, but that's just a guess.
Next there is the question of what purpose this would serve. If you are seeking accuracy the current fodder has that covered in spades. I seem to recall reading of a sub 1/2" group at 200 yards recently fired, that claims some sort of record, but don't know the particulars. I have fired groups sub MOA at 100 yards with a 10/22 and WW Powerpoint ammo, one measuring slightly less than a 1/4" for 3 shots. Long strings of sub 1/2" groups at 50 yards are quite common in any case, and given the power level of the Long Rifle, it begs the question of application when considering range and accuracy. Beyond 100 yards it starts getting a bit feeble, wind has it's way with the low BC bullets. Hitting something beyond 200 yards begins to enter into the realm of luck for most of us, and if you do, what damage is done?
The .17 HMR/Mach 2 bullets have a solid reputation for poor terminal performance as velocity drops down to the 2000 fps range and lower, often failing to open up at all. The case of the .22LR in NEVER going to generate 2000 fps+ velocities with a .22 cal bullet, so I assume any jacketed bullet will leave expansion waiting in the wings. I'm not saying that such perfomance could not be engineered, just that as frangible as the HMR bullets are they fail to expand at LR velocities. More R&D dollars down the tubes... In any case, conventional .22 LR HP loads will offer some expansion out to 100 yards or so, and are undoubtably superior in regards to terminal performance as compared to jacketed counterparts. That they have wider meplats, and a hollow point certainly helps, but if you take this approach with a jacketed bullet, you lose the benefit of polymer tips and higher BC. A vicious circle indeed.
A last consideration is the process some have used in the past on WMR ammo, and some pistol fodder as well, and that is electroplating copper onto a lead core. As those who deviated from Winchester's swaged jacket process for the .22 WMR found, it does not generate good accurate bullets. What it does for terminal performance I have no idea. What the process does is generate higher chamber pressures than lead bullets, just as it would for swaged jackets. The .22 RF thrives on low pressure and not high...it an apple cart that need not be upset.
Anyway, that's my take on it. Another thought just occurred though, perhaps it is a sly marketing ploy by the ammo makers to force us into buying centerfire rifles.... <img src="/ubbthreads/images/graemlins/grin.gif" alt="" />
