The M193 round was the original ammo designed for use in the M16A1 during the VietNam era. The 1x12 barrel twist in the A1 kept the bullet right at the edge of instability so that it could do maximum damage on the target by yawing/tumbling on impact and fragmenting, and the spec on the bullet construction (balance, brass thickness and hardness rating, etc) was intended to ensure that result. Since it is a military round, it is purposefully designed to kill human targets.
M193 fragmentation only occurs within a limited range of velocity, and I believe tests show it will not occur below 2,700 fps. That equates to a max frag range of about 125 yards out of a 20" barrel (see the Fragmentation pinned post). Granted that is close range, but then remember VN was a close-range war.
US commercial ammo follows SAAMI specs for muzzle velocity, which for 55 gr FMJ .223 ammo is generally about 200 fps slower than M193. SAAMI FMJ rounds are designed for general purpose shooting at minimum cost, and in the defensive spirit of Political Correctness it is neither designed nor marketed for "killing" purposes. Couple lower velocity with perhaps a thicker/harder brass jacket on the bullet designed to reduce production cost and you have reduced the factors which will ensure yawing/tumbling and fragmentation. And unless you do extensive testing of any SAAMI round on your own, you will have no idea what its terminal characteristics are going to be, whereas any round which meets the M193 milspec will, by presumption, give you the result the M193 was designed for.
So if you are considering SHTF, you want ammo which maximizes the probability that it will have maximum damage impact on the target, and unless you are into Tactical/LEO type ammo and your barrel has the twist rate to handle it , M193 is that choice.