Really ? The Brits found it worked well on the Wogs.
455 Webley Mk III: Introduced in 1898. The famous "Manstopper" bullet intended for police, civilian and colonial use. Essentially, the Mk III was a 218 grain lead "hollowpoint" design, propelled by cordite. The cylindrical bullet had hemispherical hollows at each end—one to seal the barrel, the other to deform on impact. This bullet was soon prohibited for use by the military because it was not compliant with the Hague Convention of 1899. The Mark III was withdrawn from service in 1900 and the Mark II was reintroduced.
Although they appear similar, they are very different... There's more than just "design".
Consider first, the .455 Mk III was designed from the get-go to be a hollow point bullet. The .38 Wadcutter wasn't. The .38 wadcutter uses almost pure lead so it deforms easily during the swaging process. The .455 is swaged, but they had to consider terminal performance; so I'd be willing to bet the metallurgy of the .455 is a bit different.
The hollow base cavity wasn't designed with bullet expansion in mind.
Now I have never seen ballistic gelatin tests of the Mk III (although I would love to, and I'm talking period load, not someone's recreation), but I have seen such tests of a backwards wadcutter, and it's less than impressive in penetration. What's more, when it encounters heavy clothing the cavity tends to collapse so you get no expansion...kinda defeating the whole purpose.