The proton-proton and proton-antiproton inelasticity profiles in the impact parameter display very interesting and sensitive features which cannot be deduced solely from the current large body of high-energy scattering data. In particular, phenomenological studies exhibit a link between the ratio of the real to imaginary parts of the elastic scattering amplitude at a finite momentum transfer, and the corresponding change of character of the inelastic processes from central to peripheral collisions. We describe how a theoretical model, accommodating the existing data, based on the Regge hypothesis including both the Pomeron and odderon as double poles, and ω and f mesons as single poles in the complex-J plane, generates a hollow in the inelasticity at low impact parameters. The hollowness effect, which generally may be sensitive to model details, does unequivocally take place both for pp and pp collisions within the applied Regge framework, indicating inapplicability of inelasticity-folding geometric approaches.