That doesn't sound like either a squib load or an overcharge, it sounds like firing out of battery, with the round going off outside the chamber and the escaping gas blowing the receiver apart. Obviously, at this remove it is impossible to determine exactly what happened, but M1 rifles have been known to fire out of battery for several reasons. Some folks lump all such incidents under the "slam fire" category, but that description is not necessarily accurate, as well as being often misunderstood. Such things should not happen, but then many things happen that should not.
Jim
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