The M&P15-22 goes for $450 and I've seen them sell used for under $400 so they're quite affordable and it's nice to have an entirely separate weapon that was designed for the ammo it shoots. My wife or a buddy can shoot it while I shoot another AR15 so it's nice to have two separate rifles. Not to mention with the M&P15-22 you can put all the same furniture on it so it looks/feels just like your .223 AR15.
You say proprietary mags yet you HAVE to buy proprietary mags to shoot .22 in a regular AR15 anyway so I don't see how this is even a factor. Not like you can go out and buy pmags to run .22LR through your AR15 so that's a wash.
The M&P22-15 is just like a standard AR15 in just about every way save for the ammo it shoots. You can get them with a standard A2 flash hider, the bolt catch is in the same place and all the functions are the same. Bolt hold open, bolt release, mag changes, upper take-down w/retained springs and internals so no parts to go flying like some of the others... it's all the same. Not like some of the other .22's this one is the same all around and even shares most of the same external parts save for the mags. For me, I would rather spend a couple hundred more and have an entirely separate rifle that acts & feels the same way then have a few replacement parts for an existing rifle so no matter what... I have only one rifle. For not too much more you can have two.
I'm just saying, it's an option.