Target Cracker provides the same critical damage bonus without any penalty (although it does have a instead of a , which works with different builds).
In most cases, this mod will lower average damage. As such, it is not recommended for any gun other than those with a high critical hit rate (such as the Magnus) and only with particular mod setups already in place.
It is worth noting that modifications to the same stat are additive and as a result Hollow Point's damage penalty is less substantial when placed on a gun already modified with a high-ranking Hornet Strike. In fact, a gun with a maxed rank copy of Hornet Strike will drop from 320% damage per shot to 305% damage per shot, which is slightly less than an effective damage drop of 5%.
In firearm ballistics, hollow-point bullets are bullets made with a bore-hole, or a similar design in their tips, and therefore have less mass and potential energy. However, upon impact they rapidly deform and expand, causing a significantly wider wound channel and depending on the caliber and target, may even come to a stop when compared to other round types like a full metal jacket (solid bullet), which can easily over-penetrate and waste potential kinetic energy.