Getting an M rating won`t change that at all. Look at Call of Duty: rated M and is absolutely infested with squeakers. If anything, an M rating will just attract more squeakers, because a lot of them see themselves as "mature" because they play "mature" rated games. Kids have an interesting tendency to want things more if they are out of reach, whether it be a video game or the cookie jar.
The kids themselves aren't able to buy mature rated games, but the parents can, and they do, often without even looking at the rating or what it's rated for. If they do look they mostly just check for nudity or sexual content, without any care for violence or language.
TL;DR - An M rating will just make Destiny MORE attractive to squeakers. A T rating, ironically, makes it more suitable for mature players because the kids are all playing their "mature" games.
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It gets rid of the worst offenders...a lot of parents don't buy their children violent video games rated M for mature - nor should they...