Correct, some of those knives are 12C27. Buck switched to 12C27m. I think it was part cost and part consistency of product.
The difference is small. The modified version is more corrosion resistant, has slightly higher toughness, but gets slightly less hard.
12C27 = 0.6% carbon and 13.5% chromium
12C27mod = 0.52% carbon and 14.5% chromium
All the common knife steels in this range - 420HC, 425m, 12C27, 12C27m - will make a good EDC folder. They are lower carbon range and minimal stainless range. These make a cheaper steel for basic stainless knives. They will be tough, but sharpen easily. The edge will hold up to normal use of a pocket knife or kitchen knife. They are not "high-end" knife steels.
It is a matter of cost in manufacturing that determines which they use.
BTW, 12C27m and 425m may be the same formula ... or not ... depending on who made the 425m.