Which you can't do, because the Air Ministry wanted armour-piercing and explosive in the same round.
And the potential for explosive/incendiary in 13-15 mm rounds wouldn't cut it? Let alone cause a re-think of the cancelled Mk.V incendiary round of the .303. (too complex/costly to use a fuze on the smaller round, but -prior to the Mk.VI- may have been more attractive on a larger caliber projectile).
Aside from that, there's the primary argument of these sorts of threads hinging on the powers that be (UK or any other government in question here) thinking/making decisions differently. I for one tend to prefer to try to avoid hindsight outright for motivation, and focus on potential reasonable/rational incentives for choosing differently.
From a practical standpoint there's 3 major ways to destroy enemy aircraft: killing the pilot/crew (requiring armor penetration or selective angles of attack), igniting fuel tanks (requiring incendiary ammunition and/or explosive), or causing critical structural failure by hitting an ammunition magazine, major structural components or concentrated damage to load-bearing minor components, control surfaces/mechanics, hydraulics, or damage to engine, oil or coolant radiators, coolant/oil or fuel tanks substantial enough to cause rapid draining of fluid. Some of those may be armor protected as well, so aside from tearing holes big enough to circumvent sealing, there's the matter of armor penetration. Aluminum is also generally non-sparking, but aircraft with steel structural components could potentially act as ignition sources for AP ammunition, same for strikes to the engine resulting in fire.
Pilot/crew vulnerability is relatively limited even without armor, so ability to cause crippling damage ANYWHERE on the aircraft's structure is significant.
Because they were able to get a licence agreement with the owners of the Hispano to build it here, in specially built factories, ensuring that there would be no interruption of supply.
Any that license was easier to obtain than the one for the .303 browning or Oerlikon? The British at very least were using import Oerlikon FFS cannons, if not having a domestic license (I'm unsure of the specifics), but that seemed a rather pointless gun to try as an alternative to the Hispano given the weight and recoil advantages were modest and rate of fire was much lower. (the FFF or FFL would have made much more sense, especially the latter if they wanted decent armor penetration as well -FFF might be more interesting in defensive arrangements, but standardized production of fewer distinct types would probably favor the FFL)
Aside from that, the browning adapted to a larger round (more so rechambered for a more powerful round, while the simpler barrel/ammunition change would make more sense for smaller militaries, but would still be a quicker adaptation) would be the other alternative and the one more relevant to this thread.
Either way limiting the number of new guns in production (and to lesser extent, being explored for acceptance into production) would be a concern as well. Considerations for replacements for the .303 in both fighter AND defensive armament positions would be a consideration as well, and effective ability to not only produce a gun but have it reliable and practical to install on existing aircraft (or those about to enter service) would also be significant. (the FFF and FFL, while not able to be synchronized, may still have been practical to fit underwing on the Gladiator, and certainly be much easier to adapt to the Spitfire and Hurricane -and any defensive mounting- than the Hispano)
And, with "slower firing" you've immediately blown it, since the consideration had to be on getting as much hitting power in one or two seconds as possible. How many aircraft were fitted with the Madsen, incidentally? The Ministry files never mention it.
Given the 23 mm madsen packed about double the damage per round, the 'hitting power' would have been about the same, provided you're not firing on a rather light/weak aircraft. (in which case the .303 batteries would be preferable anyway)
The USAAC (and possibly USN) are the only air forces I'm familiar with seriously considering and testing the 23 mm Madsen. It was planned for use on the P-38, P-39, and tested in underwing fairings on the P-36. Plans to adopt it were canceled after the fall of Denmark as they seemed to be relying on import purchase rather than licensed production (or in any case, had failed to secure a license by that time). The much heavier, much slower firing 37 mm M4 cannon was then substituted on both the P-38 and P-39. (though both had already had the M4 slated as an alternative or competing weapon and the primary choice of Bell who'd previously used it on their Airacuda)
If nothing else, the Madsen ammunition should have been appealing and seriously considered for adapting the Hispano to. (rechambering it or necking out the 20x110 mm cartridge)
There may have been difficulties securing licenses from Madsen, and the US and UK hadn't adopted their 20 mm AA gun either. (still odd the Germans didn't get use out of the 23 mm madsen, or adapting the round to one of their own weapons)