Unfortunately the military is just as much a victim of "what's fashionable" as anybody else.
When all the scientists gushed about the wonderous effects of lightweight, small calibre, high velocity rounds, they were telling the military exactly what the military wanted to hear at that point in time - the rifle would be the most effective force multiplier on the battlefield because these new bullets will make it so.
That is to say, the concept was that the new SCHV rounds would cause hydrostatic shock which would completely incapacitate the enemy soldier, not kill him. Then his comrades would be out of the fight as they carried him away from the area. In this way you removed not just one soldier but possibly another two to four and you created a greater drain on rear area resources as they tended the wounded.
The reality is that the individual soldier's rifle is way down on the list for causing enemy casualties. On a conventional battlefield, artillery & aerial bombing and explosives/fragmentation such as grenades cause the greatest number of casualties. In irregular warfare the enemy often ignores their casualties and continues to fight rather than tend the wounded.
When you get to low level conflict such as urban fighting, then the individual soldier/rifle* combo can really come into its own and I think what it really needs is a round that will injure the enemy to a point where the enemy stops fighting or it kills him outright. * rifle, carbine, smg or whatever individual weapon.
7.62mmN works, 7.62mmS works, 5.56mm works but it does seem that the projectile weight and cartridge length of the 7.62mmS suit that role better than the other rounds I mentioned. I'm not saying it's the best, just that the intermediate cartridge is probably better served by having a heavier projectile than 5.56mm or 5.45mm offer.
It's interesting to note that the Soviets/Russians developed the 9x39mm round to provide a heavier projectile for the close range combat of urban warfare because they weren't satisfied with the 5.45mm nor the 7.62x39mm cartridge for that role.
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