I think it's fine to use whatever it takes to get the message across.
And a letter can stand for multiple things, from temperatures to chemical elements to whatever.
As long as we're being pedantic, that is.
The other side you see it is in CPM which is cost per m (being thousand).
So people with this background tend to adopt the MM = million because that's how its done.
A few arguments as to why this is such a lousy notation:
* m and M already exist in the International System of Units, which is used by pretty much everybody else (http://en.wikipedia.org/wiki/File:Non-Metric_User.svg). 'm' is either milli (10^-3) or meters, depending on the context. And M is Mega, or the number in question: one million.
* If the reason is to use roman numerals. M, for mille, means 1000. However, MM would mean two thousand, the same way XXII is 22.
* "Million" isn't ambiguous, unlike "billion", which either means 10^9 or 10^12.