it all depends on ballistics.
EXACTLY.
Almost nobody (outside of military) shoots 55/62gr bullets beyond 500m in a 223/5.56 case, and even the military has seen the light with the Mk. 262 round using 77gr Sierra Matchkings.
At 500' ASL elevation and standard atmosphere (59F, 0% humidity, 29.92" pressure) a 308 Winchester pushing a 175gr Sierra Matchking @ 2700fps (basically M118LR) drops 10.8mil @ 1000yd and drifts 2.8mil in a 10mph wind. It arrives on target with 527ft/lb energy.
An 8 twist 223 pushing an 80gr A-Max @ 2800fps drops 10.3mil over the same distance and drifts 2.9 mils. It arrives on target with 241ft/lb energy.
In fact, the difference in wind drift at 1000yd between the two is
just 1.5 inches.
A 223 pushing a 75gr Berger VLD @ 3000fps (achievable in my 26" barrel) drops just 9.1mil @ 1000yd, and drifts 2.8mil....actually drifting 0.9" less @ 100yd than the 175 Matchking.
A 7 twist 223 shooting a 90gr Berger VLD @ 2700fps experiences 9.7 mil drop @ 1000yd with only 2.3 mil drift, arriving with 356ft/lb energy. This bullet at this velocity drifts almost 20" less than the "long range benchmark" 308/175 load.
223 is a VERY capable long range cartridge, provided one uses the proper bullets and doesn't need the downrange energy provided by larger, heavier bullets.