The short answer - The diabolo (diablo?) or shuttle-cock pellet does not do well over 1100 fps due to the transitional forces breaking and then falling under the speed of sound. Simple as that. PCP's shoot well at super sonic speeds because they are shooting more traditional-shaped bullets. A spitzer (pointed) boat tailed bullet will be very accurate over 1100fps.
As to the Sierra man, lead does not deform at 1200 fps. Why would it? You can shoot a lead bullet into test media and recover it, intact, with no apparent damage. If you shoot a soft lead bullet over a heavy charge without a gas check on the base, it might melt the bottom, but that's from the powder, not the air.