These are good points. I did some quick calculations of energy and momentum for the M1 carbine vs. the M4. I don't have time right now to throw in the MP5 and AK, but I'll try to add them later.
First, a caveat -- I subscribe to the general belief that "energy" is a poor predictor of "stopping power." A much better measure is a rounds momentum, calculated as mass x velocity.
I used a ballistics calculator, with data for the M193 5.56mm round fired out of an M4 (55 grain projectile with BC of .255, 2850 fps muzzle velocity), and with a .30 carbine load assuming Speer's 110 grain JHP (BC .136) loaded to 1,990 fps muzzle velocity.
What it showed is that the M4/M193 992 ft-lbs of energy at the muzzle, dropping to 863 ft-lbs at 50 meters (velocity of 2,659 fps) and 754 ft-lbs at 100 meters (2,485 fps). Note that the generally accepted minimum striking velocity for reliable fragmentation of the M193 round is 2,600 fps, meaning that you can't expect reliable fragmentation much beyond 50 meters.
The .30 carbine developed 967 ft-lbs at the muzzle, just 2.5% less than the M193/M4. It lost ground quickly, however, with 716 ft-lbs and 1,712 fps at 50 meters, and just 531 ft-lbs (1,474 fps) at 100 meters. The .30 carbine round had consistently higher momentum, however, which would tend to indicate stopping power at least equal to, if not better than, the M193/M4. At the muzzle, the .30 carbine round had a momentum of 31.3 lb-ft/sec. At 50 meters, it had 26.9 and at 100 it still retained 23.2 lb-ft/sec. By contrast, the M193/M4 had just 22.4 lb-ft/sec at the muzzle -- less than the .30 carbine retained at 100 meters. The M193/M4 did a better job at carrying its momentum downrange, with 20.9 lb-ft/sec at 50 meters and 19.5 lb-ft/sec at 100 meters. That means it lost just 13% from 0 to 100 meters, vs. a 26% momentum loss for the .30 carbine round over the same range. Since the .30 carbine started out with 40% greater momentum, however, it was still 19% greater at 100 meters despite the more rapid loss.
When I can, I'll run the numbers for the 7.62x39 out of an AK, and for the 9mm out of an MP5 or similar carbine. In the meantime, my conclusion is that the M1 carbine is at least equal to the M4 at "CQB" ranges. In addition, it may actually have a significant advantage at the 50-100 meter range, because the M193 bullet by that time is moving too slowly to fragment reliably. The M1 carbine's .30 caliber JHP, however, should still have enough velocity (1500-1700 fps) at those ranges to expand reliably.