As far as I understand, reading the NRA high power rules, monolithic bullets are not permitted.
Where did you see that? Currently, monolithic bullets are permitted in F-Class, a subdivision of Highpower. However, a Rules Committee meeting was held back in November and monolithic bullets were supposed to be a topic of discussion. As yet, I have not heard what the results of that discussion may have been.
The main objections to monolithic bullets appear to be cost and performance, which I find pretty ridiculous considering the number of F-Class shooters using $2500 to $3000+ scopes, bipods costing $500 to $600 (or more), front rests costing $1000 to $1500 (or more), personal E-targets or camera systems costing or $800 to $1000 (or more)...the list goes on and on. Heck, 1000 pcs of quality brass will cost in the neighborhood of $750 or more, let alone powder, primers, and other expendable components. Most F-Class shooters using a custom rifle will spend somewhere in the neighborhood of $6000 to $8000 (or more) for a complete setup (rifle/scope/bipod/rest/etc.) Let's face it, increasing costs are inevitable in this game if you want to be competitive over the long haul. Pretending you're keeping costs down by penalizing those that choose to buy and shoot monolithic bullets is pretty ridiculous, IMO.
As far as performance, I think the jury is still out on the use of monolithics for F-Class, at least. I have tried them and I know a few others that have also tried them, and they're definitely not a "gimme" in terms of loading. My feeling is that they are more difficult to tune initially, and more more difficult to keep in tune over time. In addition, you will generally need a much faster twist barrel chambered appropriately to shoot them. Such a rifle setup almost by definition will be a one trick pony as most lead core competition bullets prefer a markedly different chamber and twist rate for optimal performance.
So it really boils down to IF you are willing to set up a rifle specifically for monolithics, IF you can get them tuned, and IF you can keep them tuned, then you MIGHT enjoy the obvious benefits of the very high ballistic coefficients the monolithics offer. As mentioned, I have such a setup and have been using them recently, and have not yet reached a conclusion as to whether they offer any realistic competitive advantage over traditional lead core bullets. I wanted to try them for some time just for fun and out of interest to see what they could do. I can afford the cost of a setup purpose-built to shoot them, as well as the [relatively] insignificant cost of the bullets themselves, but I'm not at all convinced they are "game-changers" at this point.