John ksa, nice work.
A pellet at the speeds attained uses practically no energy destroying gelatin or itself. Almost all of that energy is used just slipping through gel, and it isn't that special to get 6 inches. popping a phillips head screwdriver into a block is practically the same thing and takes just as much energy in ft pounds.
a high velocity hollow point round expends most energy turning the jello into soup and no energy is left for driving forward. If you put that 40 s&w round into a 30 caliber blunt nosed design, you'd drive that high sectional density round that uses all of its energy displacing only the gel that is in its way 3 or 4 times deeper.
In penetration, several things matter.
HIgh sectional density, not only initial, but throughout penetration. Expanding rounds lose sectional density and penetration potential as soon as the point starts to deform.
Stability. A bullet that keyholes on impact goes from a high sectional density with great penetration potential to something that is worse than a BB. It can make a better wound, but we're talking about penetration, not larger wound.
Once you have those, penetration is going to go up in almost perfect ratio with velocity. Very little energy is going to be expended destroying "tissue" or gelatine. It will all be expended making a deep hole, and sometimes, that is what is needed, as opposed to violent tissue disruption.
You can destroy a prairie dog with a comparatively huge bullet, and penetration isn't an issue. You can kill an elephant by using great penetration with a bullet that is proportionally microscopic compared to a prairie dog round. Penetration is the key to an elephant, or practically anything bigger than a few pounds, because you simply can't create that explosive energy dump equivalent to a prairie dog hit.