Well, the "reason" for its' development had nothing to do with the Hollywood bank robbery at all, but lots to do with the drive to produce a PDW (Personal Defense Weapon) for military and maybe some PD use. H&K and some others also did some development in this area...three round bursts in a fraction of a second, blah, blah, blah. The pistol was developed after FN decided to produce the SMG if I recall correctly, and was really intended as a companion piece for those using the shoulder weapon.
Yes, it was also developed to punch body armor...with the military issue rounds available...which are not available on the civilian market legally. The ammo that IS available for the handguns (the SMG is not available on the civilian market) will not penetrate standard level II body armor, and even if it did, is pretty puny even from the SMG...a nice expensive conversation piece, with expensive, underpowered ammo to go along with it, but little else.