About twenty years ago, Randy Garrett (Garrett Cartridges' founder) posted here about an experiment at the Linebaugh Institute gathering in which the same 500-grain Hornady RN solid was fired from a 45-70, a 458 Win Mag, and a 458 Lott into wet newspaper to see the effect of their increasing velocities on penetration. The faster they went, the shorter the penetration. We spent some time speculating on the reason, but it wasn't until some time later I found the real reason in Hatcher's Notebook. He had photos of some oak block sets he'd shot with M2 ball ammo (152-grain FMJ 30-06 military load). One set of blocks he'd shot at 50 feet and one at 150 yards. The short shot had penetrated less than a foot, having turned sideways and hooked a little, while the longer shot went straight in, penetrating about 32 inches. The Linebaugh experiment had also been at short range.
When bullets exit the muzzle of a gun, they experience initial yaw, which takes some distance to settle out. Precession due to spin settles it out in a fluid, the density of air, but as the density of the medium it is passing through increases, so does drag, including drag causing the overturning moment. So when it hits an animal, wet paper, or even a wood density medium, the overturning drag easily overwhelms spin stabilization and turns the bullet sideways, greatly increasing drag and shortening penetration. The faster the yawing bullet hits the higher-density medium, the faster it goes sideways.
Eugene Stoner thought that in-medium tumble was great for stopping speed on human targets. If you've seen the late Dr. Martin Fackler's slides illustrating the gelatin performance of the 5.56 ammo, you'll have seen the huge cavities and damage paths the sideways bullet creates, and Stoner proposed actually reducing the M16's rifling pitch to ensure initial yaw never quite settled out so that tumbling behavior would be guaranteed to even longer ranges. But it screws up accuracy. And tumbling does nothing favorable for the meat condition in game. Hunting is a different animal.