This is covered in the [url]www.ammo-oracle.com[/url], but aside from velocity, one of the other HUGE factors for bullet fragmentation is BULLET CONSTRUCTION.
These heavy match bullets have thin jackets, and the bullets themselves are longer, which means that they encounter more resistance and friction when the bullet yaws. The result of this is that these bullets will still fragment at much lower velocities than either M193 or M855 bullets will. So, even though these bullets have a lower initial velocity, they retain their velocity better (higher BC) and will have longer ranges until they reach their velocity floor for fragmentation.
Here's an example, with numbers made up off the top of my head:
Let's say an 11.5" barreled AR has a muzzle velocity of 2780 fps with M193, and 2670 with M855 (these are pretty close to actual specs). You can see that fragmentation range is only going to be a few feet with M193, and zero for M855, assuming 2700 fps is the velocity floor.
The same rifle will fire 77gr ammo at, say, 2400 fps, which of course is slower than the above loads, BUT the velocity floor for fragmentation is around 2200 fps. This gun would probably give reliable fragmentation to 60-90 yards with this ammo.
See the advantage now?
Ballistics isn't always as simple as it appears, as so many factors affect the outcome. This is why many generalizations are false, and why you can't make generalizations from only a small number of datapoints. That's what most people try to do, and that's why few people really know the truth about how and why their ammo performs.
-Troy