It might do more damage, but I don't really care for the description. I prefer "high stat influence", since it doesn't matter where the big numbers come from (multiplied directly against the stat or not), so long as the damage was the same so would the end result when taking enemy defenses into consideration.
Mountain Breaker would be more apt for piercing defenses (T.DEF / 4), as would Flashing Cherry Blossoms, Minoriko's offensive spells, Scarlet Gold Sword, and Knockout In Three Steps (T.DEF * 0.4).
Ignoring defenses would be attacks like Dark Side of the Moon, Hourai Barrage, Swallow's Cowrie Shell, and Final Judgement.
Those definately could be considered more literal in the sense of piercing defenses. But damage formulas are often like
X * [(Y X M) - (0.5XenemyMnd)]
so pretending you have 100 mag and the e nemy has 200 mnd.
2* ( 1 X 100) - (0.5X 200)
would give you 0 damage..
1 * (2 X 100) - (0.5X200) would do 100 damage.. Even though the second formula doesn't do more damage than the first exactly, it "pierces" the defenses better
Asteroid belt says it pierces defense because it DOES indeed pierce defenses better than magic missle and earthlight ray in the sense that it has a bigger number to combat the enemy's defense.
Earthlight ray I believe actually has beter potential damage than asteroid belt too IIRC.