I think the M1 Carbine is a underrated. But you can get AR platforms at about the same weight.
The AR rifles are more powerful, and they are much, much cheaper and easier to get ammunition for (at least in 5.56). You can make a good case that the M-16 has most of what LTC John George suggested when he asked for a fighting rifle improved over the Carbine and the Garand in “Shots Fired in Anger”.
The M1 Carbine is cool little rifle. Just not quite as versatile and powerful as the AR-15 and various clones.