“Open tip” is a more accurate description than “hollow point,” especially when most people think of “hollow point” as an expanding bullet.
It all has to do with how the core goes into the jacket. A closed tip bullet has the core inserted from the rear, requiring the jacket to be formed around the base of the core. The punches that do this have to accommodate variations in cores and jackets - and these bases are never identical.
An open tip bullet is made in the opposite way; the core is inserted from the front, then the bullet’s ogive is formed, shaping the core in the process. Variations in cores and jackets are easier to manage with this method of forming.
Since they start with a jacket that already has the base formed, these “front loaded” bullets have much more consistent bases. They may not be “identical”, but they are always a lot closer to identical than with “rear loaded” bullets.