As the M1 was being developed, the preferred cartridge was the .276 Pedersen.
A bigger mistake than the M14 was the adoption of the 7.62 NATO cartridge. The Brits had a good .280 intermediate round and even 7mm Mauser would have been a better choice for facing off against the Soviets in Europe. Yes, I dislike 7.62 NATO for a number of reasons.
It is hard to argue with the ballistic coefficient and sectional density of 7mm bullets. They are about the best.
The 7.62/51 is a great cartridge. It had to be- it is just a shorter 06 with a fat sholder.
I tend to agree they missed a chance to adopt a greater cartridge.
I have a great fondness for the M-14. It is a great rifle. I was very young when it was issued to me, making me a nearly invincible killing machine, around eight feet tall.
Funny story-
We did a 5 day biv in basic at Benning. In one of the earliest snafus I ever saw in the Army, they told us no weapons oil of any kind was available on the whole post that we could get. Maybe they were just messing with our heads.

It rained every day. We were crawling thru the bushes every day in some kind of exercise with the rifles. It rained every day. We were shooting a lot with blanks in the woods and ball on the ranges. Sand is very plentiful at Benning. It rained.
Needless to say, our rifles were turning orange by day two. The last day we were trucked to one distant range for some live fire. A DS caught me hunkered down in front of a deuce and a half, about to pop the hood and see if I could steal some oil off a dip stick. I just couldn't take seeing Baby all orange no more. He encouraged me to move toward the range foxholes by talking awful about my mother and playing the drum solo from In-A-Gadda-Da-Vida on my steel pot with a steel range rod. That piece is very hard to play with one drumstick, but he was very good and seemed highly motivated. He missed a few notes when he missed the steel pot and hit my sholders, neck, or back. I did not critique that. It was raining.
So, I'm in a plank lined foxhole, elbows on the ground, about to pop some targets. For the first 4 or 5 rds, I would fire, hook the op handle on the plank, and push the butt to eject. I'd then hook the handle on the other side of the plank, and pull to chamber a round. It was that rusty. I figured the technique out trying to chamber the first round- could not do it by hand! Enough rust soon rubbed off for it to work for 55 more rounds.
It is a confidence inspiring weapon. It REALLY made those early 16's seem like Mattels.
Still, there is the old saying-
We developed a great rifle in the 14, and the rest of the free world simply bought FAL's.

If you've never shot an FAL, you should try one.