Why not M193/M855?
While these are not bad bullets, you will note that they are subject to large variations in neck length (distance the bullet penetrates before fragmenting); this variability is not desirable. In case of the short neck length, it is indeed an effective bullet. When 855 doesn't begin to fragment until 8"+, it will not be very effective on front torso shots and thin individuals; this explains the dissatisfaction of US combat troops with M855 in some cases. This is due to a phenomenon recently discovered called the "fleet yaw issue". It was first discussed in an article titled Small Caliber Lethality. There is variation from one rifle to the next about how much the bullet will yaw. The bullet leaving one rifle may exhibit more yaw than the same bullet shot from another rifle.
The bullets go through this yaw process on the way to becoming stable, and can yaw by as much as 4 degrees at short distances. You can see in the graph above that the bullet becomes very stable from about 100-400 meters, but the greatest variability - unfortunately - is within CQB range. The angle of attack has a profound impact on how a bullet behaves when striking tissue. Consider the two bullets in the picture below:
[please see the gel shots I linked to above]