Full flat, as the cut proceeds deeper into the medium, encounters friction along the sides of the blade. Removing this material from the sides of the blade can reduce friction during the cut. Hollow-grind maintains the same spine-strength (stiffness) as a flat-ground blade while reducing the thickness of the primary cutting area on the blade, reducing friction, increasing cutting efficiency. However, as others have mentioned, the thinner blade necessarily has less material support to resist lateral stresses and so must be used with greater care.
Second, by removing the side material via hollow-grind, there is less material to remove from the back-bevel during resharpening, so keeping a hollow-ground blade sharp requires less removal of metal = less time/effort to resharpen.
If you really want to see the advantages of hollow vs flat ground blades, i recommend you look to knives with prominent stock spine-thickness. My WC Davis Loveless-style hunter is ~0.20" at the spine and slices better than any other knife I own, much better than my similarly thick BRKT Bravo 1 whose convex is so shallow it's nearly flat and has a razor-sharp and very thin edge.