I too read that it was to deal with body armor.

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No baby we aint

I've read that too. However, none of the open source info I've found has indicated which armor the round is intended to beat.

There was some congressional testemony from GEN Miley, that referenced an armor threat and aeroshell armor piercing ammo, but it didn't go into specifics. It did create the ill fated Intermediate combat service rifle program (circa 2016/2017ish). Part of me wonders if the ICSR proponents hijacked the next gen squad weapon program similar to how the M855A1 project got hijacked.