Heard this a lot...
Thus a single bullet can effectively take three or more troops off the field. Even rendering first aid will take at least one additional soldier out of action.
This is bean counter logic, and while sometimes accurate, overall field conditions seldom play their part correctly in accordance with the "rules".
When dealing with "civilized" armies of enemies, one wounded soldier does take three men off the field, temporarily. Two of them come right back and rejoin the fight. First aid takes one additional troop away from shooting, for a very short period of time (long enough to slap on a field dressing) if they are even able to do that. And medics, who will stay with the wounded, are not shooters (in our armies) in the first place.
That's our side. When we are fighting forces that do not put the same or similar premium on their troops lives, a wounded enemy takes out only the one wounded enemy. And not always permanently at that. Some societies teach their wounded to sell themselves as dearly as possible, because they aren't going to get cared for anyway. People who routinely use suicide bombers don't put a high priority on caring for their wounded. It is, after all, as God wills.
Ball ammo, and its requirement for use came from Europe, when warfare was still considered combat between honorable foes. Soldiers were expected to stop fighting after being shot, and peacfully wait for care, hence the idea of not using ammo that would cause "undue suffering" such as hollow points.
Reality turned out to be somewhat different than this gentlemanly ideal, particularly when fighting people with different cultural backgrounds. The "civilized" western cultures have clung to the FMJ, because while round per round it isn't as wounding as expanding bullets, it does work. And with the dominance of autoloading firearms, FMJ functions better overall than other common ammo types. FMJ does work, it feeds, and is cheaper to make than bullets with better terminal performance. When you are making billions of rounds, cost does matter.