Species matters. Well, sort of.
There are several hundred species, some are true annuals, some are die-back to ground perennials, some are weedy-shrubs, some are woody shrubs and a small few are trees. The swamp mallows, are more or less die to the ground perennials, with each year a flush of branches that do not branch, that terminate in flower buds.
Hibiscus rosa-sinensis and its many hybrids are the tree like tropical hibiscus with the giant flowers of a wide range of colors. This is the hibiscus we think of when we think Hawaii. It is a tree, and will have branches with reasonable amount of ramification. Water Pall has shown photos of his specimen, it is a "pretty good" bonsai, especially as a medium to larger tree. There are dozens of tropical, tree like species of hibiscus, including 7 native to Hawaii. Many hybrids between these other species and H. rosa-sinensis have been made to give rise to the wide range of flower colors now available in what are loosely called "H. rosa-sinensis", but are really complex, multi-species hybrids.
Hibiscus mutabilis - the "Confederate Rose" - this hibiscus is much like H. rosa-sinensis, except it is more winter hardy. Originally from Asia, common as a garden shrub or small tree in southeastern USA. It too has woody branches, and much like H. rosa-sinensis can be grown as bonsai. Not quite as easy to get to ramify as H. rosa-sinensis.
Hibiscus moscheutos and Hibiscus laevis - these are the North American native Swamp Mallows. These are die to the ground perennials. In spring they send up long branches from their subterranean trunks. The branches seldom branch, H. moscheutos has flowers only at the ends of these branches, H. laevis has flowers along the length of the unbranched branches. These swamp mallows have been hybridized recently. Some of the "hardy" giant flowered hibiscus are hybrids involving these 2 species. The hybrids seem to also be die to the ground in winter perennials. Other North American (*including Mexico) native Hibiscus species are mostly die to ground perennials, include: H. denudatus, H. dasycalyx, H. coccineus (Texas Star), H. grandiflorus, H. lasiocarpos, and a few other species. A few of these species have leaves that look marijuana like. Some have leaves that look maple like. Most of these are not good for bonsai, as their die back perennial nature means long branches, without fine sub-branching.
Hibiscus tiliaceus - this is the "Sea Hibiscus" - a pan tropical hibiscus. This is a shrub or small tree that is capable of very dense ramification. There are many famous examples of this species as bonsai from Taiwan, Indonesia and Malaysia. It is an excellent species for bonsai if you can keep it frost free in winter and give it a long warm growing season. (not particularly good for Chicago). Each yellow flower lasts less than one full day. Similar, though no where near as good for bonsai is H. aculeatus, pineland hibiscus, it is shrubby, winter hardy in zone 8 and warmer, native to SE USA. H. aculeatus I "think" has been used for bonsai, but when I looked I could not find photos, so maybe not.
Hibiscus syriacus - this is the "Rose of Sharon" - it is a zone 5, winter hardy shrub to small tree hibiscus. It has been used for bonsai, branches ramify reasonably well. This is the only woody hibiscus I know of that is hardy in the north. This species definitely has fairly good bonsai potential.
Hibiscus trionum - this is an annual hibiscus, a common old field weed, even in the Chicago area. "Flower of the Hour". The flowers open in morning, and close by mid-day, never to open again. This hibiscus is an annual in climates with frost. Likely a short lived perennial in tropical climates. Originally old world origin, a wide-spread invasive. I first encountered it in soya bean fields. Pretty, ephemeral flowers. Yellow with a dark center.
Hibiscus sabdariffa & acetosella - Roselle - These are the 2 species that either the flowers or the calyx are used to make a refreshing red tea, warm or chilled. This is the key ingredient in "Red Zinger" herbal tea. Hibiscus sabdariffa is also used as a pot herb, and stems as a fiber source, much like jute. Tall stems without much branching.
Hibiscus cannabinus - Kenaf - is a tropical hibiscus that is one of several with marijuana like leaves, it is used as a fiber source much like jute. Tall stalks without branching is the normal state. Not good for bonsai
So which species of Hibiscus you are talking about matters. Some is good for bonsai, some not.