1 Ft/Lb is the amount of energy needed to raise a 1 Lb object 1 ft in 1 second.
Here is an even simpler explanation, if a hair inaccurate on minor details.
Make a pyramid-shaped weight out of something fairly dense, say lead. Make the weight of the finished pyramid exactly 1 Lb.
Now raise it exactly 1 foot above your toes.
The possibility of released energy is 1 pound in weight moving through 1 foot in distance. This is 1 foot/Lb of
potential energy.
Now drop it flat base down.
As it falls gravity accelerates it allowing the
potential energy to become
kinetic energy. It is at 1 Ft/Lb of kinetic energy when it arrives. The impact is caused by the release of the kinetic energy when it decelerates to a standstill as it hits the foot. This causes bruising & pain as a crushing injury.
Now we're going to do the same thing again, but with 2 differences. We're using the other foot & the pyramid is now pointy top bit down.
We drop it again, exactly the same 1Lb & the same 1ft. It delivers exactly the same 1 Ft/Lb of force, but that force is concentrated into the pointy tip, instead of the flat base on contact.
This time it will penetrate more causing a penetrating injury & causing a cut & bleeding. Why? Because the 1 Ft/Lb has been focused. The tip has less area than the base so the Lbs/Sq inch are much higher (cuz there are less sq inches.) but the crushing energy of the flat base has converted into penetrating energy at the tip it is still 1 Ft/LB of energy,
but the pounds per square inch of pressure applied have changed. A bit extreme, but that's part of the difference between the bullet diameters, but exaggerated for clarity.
So how does this relate to ballistics? Easy.
As you increase the energy available you increase the power that can be delivered to the target. Imagine either changing to a 10 Lb pyramid (bigger, heavier bullet), or raising it to 10 feet, (increasing the velocity.) you get the same effect by for example dropping a 5 Lb weight 2 feet, or a 2 Lb weight 5 feet. Its linear, no fancy math needed. 10 Ft/Lbs is 10 times as much as 1 Ft/Lb.
The details that are "off" to make it easier?
a weight won't fall 1 foot in 1 second, I completely ignored external ballistics, concentrating on terminal ballistics instead & I ignored supersonic Vs subsonic impact damage to keep it simple.