Sure, some improvements could be made (IMO)
1) Federal bulk could make their hollowpoints rather deeper and wider
2) Remington could make their .22 LRs more dependable in the ignition dept.
3) CCI and others could make a subsonics with really large hollowpoints
These suggestions come from myself as primarily a hunter rather than a paper puncher...plinkers would probably care less about gaping hollow points.
Beyond that, little is left to be done...except to keep the prices down.
If we want something more, we will have to move up to mag, 17 HMR or centerfire.