It goes bang and the bullet goes downrange. No problem.
This has been cussed and discussed ad nauseum in this and other forums for years. I have done it, I know friends who have done it, and I have never, ever, heard of a gun being damaged. That MIGHT be a problem ONLY if you are loading the 5.56 at or above the maximum pressure. Actually there is not likely to be a problem at all because of where the pressure is measured in relation to the cartridge but that's a long discussion and really not warranted here.