OK, I think I understand your point better .../ but since I can reload my practice ammo in 9mm for about $6.50 for a box of 50. I only buy 3 or 4 boxes of the defense ammo that I tested, and for the defense ammo that I like, in that caliber / and since I never retest it. ...no need to replace it unless I change guns for some reason. I check the carry ammo once in awhile to make sure I'm not getting any bullet setback./ but I don't shoot much or hardly any of the defensive ammo.
Whether you choose to get involved in reloading or not ( and to me its part of the hobby / not just to save some money ) ...the cost of ammo is a factor in how much a lot of shooters can practice. Part of practicing - is you need to make sure the round you choose to carry / will run 100% in your gun -- but after you've done that...its all about keeping the cost down, the best you can, and still have reliable ammo for practice.
I'm in my 60's now...and if I don't shoot at least twice a week...my skills seem to erode pretty quickly - especially in terms of my speed on ( my draw from holster to my 1st shot on target ...on my reloads..and to some extent on my split times between shots). So to me, however you can justify the 3 to 4 boxes per practice session ...a couple times a week...is how to best maintain your skill vs what kind of bullet you shoot ( FMJ, JHP, etc )...is the most important thing to me.
So reloading - finding another source for your ammo - buying in case lots...all of that makes sense to me / but it needs to be good quality ammo ....some of these "reloads" I see selling at the gunshows make me real nervous. An acquaintance bought some cheaper reloads at the last show...and when he's firing them...we're hearing significantly different muzzle reports from his gun on about every 3rd shot...may be a powder issue, crimp issue, etc...so whatever he saved on that deal, was not his best option.
Ammo prices in general...and how it relates to bullet type is interesting...and it seems to vary a lot by caliber as well ..just based on what I was seeing at my local range yesterday.
To your point about material cost not being considered in ammo pricing on retail level, I agree....especially when I look at Montana Gold bullets, which is a premium bullet that I reload in 9mm ( 115 gr JHP are $380 per case / 115 CMJ are $ 380 a case & 115 FMJ are $368 a case ....( case is 4,000 ) ...and that makes sense to me because the FMJ does not have a jacketed base..so it should be a little cheaper...and CMJ is only a little more...and the JHP is only a little more - despite the extra step to form the Hollow Point. And with the cost of the bullet making up probably 60% of the cost of my reloads...it would seem to prove your initial point.