I have a reasonably old reloading book and they briefly touch on a possible cause of keyholing where a bullets rotational forces are such that it stands like a top over shorter distances.
Anyway have a read of the article its about halfway down the page but read the whole blurb its not bad.
I also included who the author was so the plausible cause for this explanation is coming from a person with some authority on the subject matter. It is a 1958 Ed.