I'm not convinced the explanation in Wikipedia has any grounding in reality, though. I'm suspecting that perhaps the passage of the jet thru the shattered ceramic layer experiences an effect similar to the plastic armor used in WW-II on British merchant ships. Consisting of sharp granite stones suspended in an asphalt matrix, it reportedly was pretty effective in protecting against strafing by up to 20mm shells. It appears to have worked by inducing keyholing of the bullets
Which brings me back to my original thought, of what would happen to a shaped-charge jet should it encounter very hard objects (I suggested tungsten carbide particles, but perhaps bits of DU would work better) suspended in an ultra-light matrix that would allow a lot of depth without hugely weighing down the vehicle