Dano hit the nail on the head...bulking does gain a little vel., but that's through better gas flow/more gas flow than any increase in pressure.
(although, that piercing pin also actas as a valve limiter...valve can't open any farther than the pirecing pin will let it, and with a co2 cartrige jammed up against it, it takes several shots to beat a full-size hole into that cartridge's seal).
Once you HPA it, then it's not limited to the constant co2 pressure...there is a limit to what the tube, 0-rings, valve body will take without failing, but most HPA folks are running at something in the uppper pressure limits of CO2 (lets say C02 at 92degrees..somthing close to 1100psi).
So..if running at the same pressure (HPA at 1100psi or co2 at 92degrees), why does HPA shoot faster?
Air is lighter than co2...in molecular terms, air is made of smaller molecules (on average) than CO2... more of it moves through a open/shut valve...more power at the same upper limits of pressure. taken to extreams, some PCP shooters ahve tried Helium (even smaller molecules...more flow..higher speeds).
Down side to HPA is that you get WAY -WAY fewer shots per fill and need a good way to generate that kind of pressure. IF you go to the expense of generating that kind of pressure, may as well generate full PCP presure and use a true PCP rifle