There are lots of ways to answer this, but here you can think about memory. The physical bits in your RAM that make up the data. In python, the keyword "is" checks to see if the address of two objects matches exactly. The operator "==" checks to see if the value of the objects are the same by running the comparison defined in the magic method - the python code responsible for turning operators into functions - this has to be defined for every class. The interesting part arises from the fact that they are originally identical, this question should help you with that.
when does Python allocate new memory for identical strings?.
Essentially python can optimise the "hi" strings because you've typed them before running your code it makes a table of all typed strings to save on memory. When the string object is built from a list, python doesn't know what the contents will be. By default, in your particular version of the interpreter this means a new string object is created - this saves time checking for duplicates, but requires more memory. If you want to force the interpreter to check for duplicates then use the "sys.intern" function: https://docs.python.org/3/library/sys.html
sys.intern(string):
Enter string in the table of “interned” strings and return the interned string – which is string itself or a copy. Interning strings is useful to gain a little performance on dictionary lookup – if the keys in a dictionary are interned, and the lookup key is interned, the key comparisons (after hashing) can be done by a pointer compare instead of a string compare. Normally, the names used in Python programs are automatically interned, and the dictionaries used to hold module, class or instance attributes have interned keys.
Interned strings are not immortal; you must keep a reference to the return value of intern() around to benefit from it.