I prefer the M logo with the bear but that's probably because of what I got used to seeing as a kid. It might be a bit out of date nowadays but at least it delivers the message. To me the M you noted seems too close to just some random wavy lines drawn on the side of the shoe.
That's interesting because, despite closing in on 40 years of age and living next door to Russia, the connotation doesn't really exist for me. I'm mostly aware of it through propaganda posters from a hundred years ago. The "Russian bear" doesn't even have a Finnish Wikipedia page about it and if you Google it in Finnish, you get stories of actual bears in Russia, or about them moving to Finland.