My point is that once hit point bloat sets in, there is little difference between a monster with super-high AC and a monster with low AC but many hit points. For instance, take a dragon with 50 HP that can only be hit on a natural 20. If twenty people attack him, each person doing 10 HP on a hit, then it will take an average of five rounds to kill him. On the other hand, if the dragon can be hit on a 1 but has 1,000 HP, it will still take those twenty villagers ten rounds to kill him.
Actually, there's a huge difference.
The main difference is that it is possible, however unlikely, that the villagers can kill the first dragon in the first round.
They are completely incapable of doing that to Dragon #2.
Also, the other benefit to low-AC, high-HP combat vs. the reverse is that you can more easily track the "flow" of the combat. One of the problems with high-AC, low-HP combat is that it's very hard to look at the current status of the participants and determine how things are going - and how much longer things will take.
Ferinstance, three rounds of high-AC, low-HP combat might very well look like "Miss, miss, miss." Are you winning? Are you losing? How much longer until you're defeated? You don't know and, really, have no way to even estimate, because you have no real information to base your estimate on.
On the other hand, with low-AC, high-HP combat, you're more likely to see something like "Miss, hit, hit," and you can compare the damage from those two hits to your current HP totals and say, "You know, I think this monster will kill me in about 3 more rounds; I should probably run away," or "Hah! Those two hits did a tiny fraction of my hit points; I can stand up to these creatures all day!" You might be wrong - things like critical hits could make the combat more swingy than you're anticipating - but at least you have an idea.