OP, I think that, even with no deformation, the meplat causes hydraulic shock not caused by a round nose or even pointed boolit. The effect of a pointed or round nose on a soft target is more of a "parting," like a knife parts material either side of the blade, without destroying it. In contrast, the abrupt impact of the flat meplat causes a hydraulic shock that reverberates through surrounding tissue. You may have seen Beta O'Rourke sometime in the past few years complaining about Armalite Rifles that shoot 5.56 NATO, he said something about how the round travels at such an incredibly high speed that it causes hydraulic capillary damage, exploding blood vessels and other soft tissue in the vicinity of the wound. The flat nose also causes hydraulic shock, but not because of extreme speed on a diagonal angle (the ogive); instead it's because of moderate or even low speed with a perpendicular impact.
The following is from an article by Glen E. Fryxell discussing an all-purpose SWC bullet. The bullet was tested by a butcher who needed to process large animals. Note that he describes the type of wounding inflicted and also points out that the nose was not deformed.
"Frontal brain shots typically liquefied the brain (“turned it to mush” were Carl’s exact words), exploded the upper neck joint of the spine, and then penetrated under the hide of the neck for several inches (for about 15” of total penetration). Not surprisingly, recovered bullets showed no expansion, only engraving from the rifling and nose scarring. He also reports that this ammo is noticeably quieter than the .38 ammo he had been using (undoubtedly because of the light powder charge)."
Others can certainly correct me on some of my terms. Hopefully this is helpful to you. I'm not an expert but I have a passing acquaintance with fluid dynamics from a prior career.