This is interesting. I agree that I find M just fine, but I tend to not use it in auto ISO mode. For that I have Fv.
What I would expect (my camera is packed for a trip or I'd test) is that in auto ISO mode M would target a balanced image -- i.e., an exposure of +/- 0, to put it in a crude way. Which is probably why Canon doesn't bother in M mode — either the image is balanced, or you're being "creative."
Let's assume that's how it works for a second — the balanced image of 0 is the target. If I had auto ISO on but the shutter and aperture were set in such a way that auto ISO cannot achieve a balanced image (e.g., my lens cap is on because it's a really slow coffee morning) would the idea be that an EC metric showed that 0 could not be achieved? i.e., -3 or worse.
But even if, wouldn't a histogram achieve such? To such a degree of the JPEG conversion, at any rate.
@Noise — what is the effect and use that you're trying to achieve?