This stoppage is always a mystery to those used to the M16/AR15 system! The M&P15-22 fire control system was lifted completely from the standard AR15 and consequently has the same bolt carrier travel requirement to cock the hammer.
In the M16/AR15 system with a comparatively very long recoil stroke the hammer is cocked before the last fired case has been completely extracted from the chamber so if you get extraction and ejection you should get cocking (barring other problems). Cocking happens long before the bolt is far enough back to feed the next cartridge so an extremely rare short stoke can produce a click but not a dead trigger.
The M&P15 needs this same bolt travel to cock. The case is extracted and ejected before cocking occurs. In fact, cocking occurs only after the bolt has traveled past the point the next cartridge in the magazine will feed. If the M&P bolt "short strokes" the rifle can extract, eject, feed, and never cock the rifle.
Put an empty .22LR case in the magazine. With the magazine OUT of the rifle drop the bolt and dry fire. (The chamber should be empty, rifle uncocked, magazine with dummy round in the rifle.)
Ease the bolt back. Verrrrrrrrry slowly. Might take two hands to control it. Listen for the hammer reset click -- the trigger will jump forward -- and watch and listen for the click announcing the case in the magazine is ready to feed. The first click will be the cartridge popping up to the feed position -- before the rifle is cocked. If the bolt goes forward at this point the cartridge will feed, but the rifle ain't cocked. This can't happen with the M16 but can with the M&P15-22.
The ill-advised use of a needless rubber "buffer" in the bolt group will cause this as my testing confirmed. Binding bolt/rails, improper lubrication (never, ever use grease), and weak cartridges can all cause this. As can manufacturing defects if the rear block of the bolt carrier is too thick or not mounted properly.
I believe this is the second case of this in the past week.
-- Chuck