Mr. Weatherby was an excellent marketer of his products.
My argument is not loose but is supported by looking at published load data comparing both cartridges. My .300 WM has a COAL of 3.6 " roughly the same as the .300 WBY and would lose a small amount of velocity in comparison to the highly promoted .300 WBY. As I remember the .300 WM was designed about 1955 to fit in standard long action bolt guns having magazines compatible with .30-06 length rounds. This entailed designing the .300 WM so the bullet needed to be seated deeply to fit in a standard long action magazine & occupied much powder space. My .300WM does not have this problem, COAL is roughly the same as the .300 WBY. A look at the Hodgdon site data:
.300 WBY, 200 Nosler AB, COAL 3.590, Retumbo 84.5, pressure 53,100 CPU/62,590 PSI, barrel length 24" Velocity 2942
.300 WIN, 200 Nosler AB, COAL 3.340, Retumbo 78.0 C, pressure 52,100 CPU/61,074 PSI, barrel length 24" Velocity 2872
The velocity difference is 2942 - 2872 = 70 fps. 70/2872 = 2.4 % - this is for the shorty, powder capacity challenged .300 WM
A photo of my .300 WM, 208 H AMAX, 3.60 COAL round (dummy), head spaced on shoulder;
View attachment 312059
This means I could pour more than 78.0 grains of Retumbo into my extended length .300 WM and make it go faster. Loading 178 Hornady ELD M bullets my velocities pass 3,100 fps, easily in .300 WBY territory. Possibly the double radius shoulder business makes the WBY faster?
The smith who chambered my rifle won the Wimbleton cup with a similarly designed .300 WM.
However, nothing beats a Weatherby, a true example of American entrepreneurial & innovative spirit.