Generally speaking, optics tend to work fine with downscaling. In the case of EF-M, yes that would indeed be possible. But the question is, does it make sense to do that? Occasionally, downscaling from full-frame's 43.2 mm image diagonal to 21.6 mm diagonal makes aberration correction (astigmatism and coma) easier by roughly a factor of four.
This tends to allow a reduction in the number of components in the objective, thus reduction in the price. So a designer might find himself in a situation that he can take away one lens from the formula without affecting anything much, or with only small performance degradations. Without a very good reason, this is often the case that happens.
For example, take a look at Sigma's 30/1.4 Art (DC=APS-C) and at Sigma's 35 50/1.4 Art (DG=FF) where the number of lenses is noticeably less in the 30 mm version. This did come with a slight compromise on the lens performance, though.
Does this answer your question?
EDIT: Oh, forgot to mention that upscaling an optical design doesn't work as nicely as typically the optical aberrations increase at least quadratically, so the general rule is down-scaling is OK, up-scaling isn't.
EDIT^2: Mika isn't paying attention today. Of course it should say 30/1.4 Art and 50/1.4 Art as we are talking about comparable FOV with scaling...