Not to start a caliber war inside of another...but wasn't the M16/NATO 5.56 developed with this exact logic.
Year - Cartridge
1873 - 45-70
1906 - 30-06
WWII - .30 Carbine
1954 - 7.62x51 NATO
1963 - 5.56x45 NATO
Over time we've traded down to a less powerful round in exchange for smaller, lighter, higher capacity, low recoil rifle. In short we started with buffalo hunting round and ended w/ the third most powerful .22 caliber woodchuck round. So why isn't the 5.56 NATO held with the same contempt as the .40?
You skipped the .30 Army (a.k.a. .30-40 Krag) and .30-03.
There was a good reason (other than "It hurts my hand') for the changes you cited.
Dumping the .45-70 had nothing to do with going to a 'less powerful' round. It had everything to do with selecting a more effective long range cartridge that would both reliably feed in a magazine rifle, and work in a light machine gun.
The problem with the .30-06 was that it was too much cartridge for the way wars were fought in the 20th century. Garand and Pedersen knew this and designed their rifles for a .276 caliber cartridge. The Army tested the cartridge on pigs and found it to be as effective as the .30-06 out to 1200 yards. MacArthur nixed the idea because of the huge stockpiles of .30-06, and the fact that all of the military's light machine guns fired .30-06.
The Germans forced another change when they developed (and proved the effectiveness of) select fire rifles.
The 'problem' with the .30-06 is that it is uncontrollable in full auto. The only successful full auto .30-06 rifle was the BAR, and that was way too heavy to use as a standard infantry rifle. The .308 replaced the .30-06 because it was shorter (so rifles didn't need a long action) and saved a lot of money (less brass), but it had the same problem with full auto fire.
Before the adoption of the .308 NATO round, the Brits were about to adopt the .280 British cartridge that was almost as effective as the ,308 and a lot more controllable in full auto, but the US made them go with the .308.
The US realized very quickly that the M14 was not a good select-fire rifle, so it went with the M16 in 5.56. In testing, the additional velocity of the 5.56 round proved sufficiently lethal, and was way more controllable in full auto fire.
Only recently has the lethality at longer distances of the 5.56 come into question. Calibers like the 6.8 SPC, 6.5 Grendel, and even the 7.62x39 are the solutions-du-jour, and coincidentally have ballistics similar to the .276 Pedersen and .280 British.
The .40 was different.
The FBI switched from the 10mm to the .40 S&W not because of a performance advantage but because non-field agents found the full power 10mm uncomfortable to shoot. The field agents loved it. Rather than force everybody to practice more in order to qualify with the 10mm, the FBI had the ammo manufacturers download the cartridge. S&W realized that they could shorten the case and still make cartridges to the downloaded spec. This allowed them to make guns for it using their 9mm frame sizes, so the .40 was born. There's no additional capacity or killing power with the .40 over the 10mm.