I never used that particular bullet, but it sounds like it is disintegrating prior to reaching the target, which should be unusual for that bullet, as it is designed to work in a fast twist barrel at the approx. velocities you are achieving.
I wonder if that particular lot of bullets have abnormally thin / soft jackets; if your bore has a slight burr or defect in the rifling that is stressing the bullet jacket, or some combination of the two?
I would try the same bullet from another lot #, and if the problem continues, switch to another bullet, assuming that it is only the Hornady 75 that is giving you problems. Reducing velocity should also work, but that seems like sideways move, at best, treating the symptom, not fixing the problem.
Larry