Well, other than having selective fire modes, they're functionally identical. And considering their rate of fire, and that full-auto is discouraged in most militaries, yes, I consider them equivalent.

And "generic semi-automatic hunting rifle" has become the AR-15. It used to be a bolt action, or maybe an Mini-14. But the whole benefit (and the social drawback) of widespread ownership of AR-15s is the high rate of fire, and the magazine capacity.

Comparing it to a bolt-action .308 isn't the point.