A good part of the change had to do with changing tactics - any engagements out further than 300m or so could be dealt with airstrikes and artillery. That kind of support was much more consistent by the Vietnam War than it was in WWII.
With close in fights, being able to put more lead down more quickly was apparently the goal. If you are engaging at 300m, why carry ammo that gets you out to 600m?
Also, look at the service rifle guys are using; it is my understanding that the AR is king, because of the reduced recoil. In close quarters, recoil from the M14 is a handicap. At any rate, better to carry more ammo, suitable for the range of engagement, as opposed to less, heavier ammo which is overkill for the distances involved. That was part of it anyway.