Ceramic is a natural abrasive... the "sandpaper" comment was on the mark. It's also too lightweight.
What you'd have, presuming someone wanted to use ceramic powder mixed with some sort of polymer, is a frangible with very little mass. Might work for air marshall work where they don't want much penetration. But if you're looking for frangibles, the existing copper/polymer ones are widely available and work great, but still are considerably lighter than similarly-sized lead-based bullets. The ceramics would be even worse...not sure what powder you'd use to load a 25gr 45ACP!
But it would sure cut down the recoil...
Bud