I believe most explosives detonate in the air anymore. Is there a speed threshold where the kinetic energy is enough to justify not doing that?
Many anti-air missiles detonate at range and destroy with shrapnel. And shrapnel damage is just kinetic. But that's probably not what you mean. Yes. For lightly armoured targets, their own velocity might do it. See https://en.wikipedia.org/wiki/Brilliant_Pebbles#Brilliant_Pe... And if you want to go further, de-orbiting tungsten rods make the explosives redundant. https://en.wikipedia.org/wiki/Kinetic_bombardment
Over-hyped I think. Sure the kinetic energy is incredible, but what of the terminal ballistics? I think these would have substantial over-penetration against anything except deep bunkers; most of that kinetic energy would be spent driving that rod through bedrock, like an APFSDS dart shot into tank armor. Good for punching holes in things.