Well working in that direction, yes, hence the cannon rounds, 20, 30, 37mm with HE.
However the tech simply wasn't there to be able to do that with a 12mm round to any effect.
Not without having it blowing off the end of the barrel or other strange effects.
Even 30mm "Mine" Shells were pretty complicated, had a lot of small parts in a very large round.
50 60 years later, sure, they are doing some amazing things.