The release also is on the side which feels like people could bump into
that was an actual problem on the AR-10 and early AR-15 prototypes, so they added a bit of fencing around the button to help against that

AK's catch has more mechanical leverage
this turns out to actually be very important in harsh conditions - see see this freezing rifle test for some examples of release button systems freezing up: [1], [2], and for comparison how easy the AK magazine catch was
Ostensibly, the advantages of the release button are ergonomics
- the first is the ease of inserting the magazine, but this doesn't actually have anything to do with the release button - it's the magwell helping you guide the magazine in, and there's nothing stopping you from having a magwell on a gun with an AK-style catch, like the G36 for example, or even just aftermarket modifications for the AK itself
- the second is ease of removing the magazine, since you can just push the button with your index finger and have the magazine drop free, instead of needing a whole hand to push the catch and pull the mag out. Now, the actual utility of this outside of tacticool larping seems dubious - soldiers in real life aren't just discarding mags left and right, they're typically trying to retain them, and in that case you'll be needing your other hand to take the magazine and put it back in a pouch anyway. Plus, if you're in a situation where the difference in reload speed between the two methods actually matters, you're probably dead anyway, since the likelihood of actually pulling off a fancy tactical reload under stress goes down pretty hard. But disregarding that, if you really need this feature, there's again nothing preventing a catch system from implementing it - AKs have had extended magazine releases for a long time (although those do have the disadvantage of increasing the risk you pointed out of something accidentally bumping into the catch, since there's just more catch to bump into), and HK figured out a pretty neat system for the G36, where the catch has another section that doesn't extend downwards, but backwards, towards the trigger guard, where you can push it with your index finger.
an interesting note is that Stoner, the guy who designed the AR, would use precisely an AK-style catch on one of his subsequent rifles instead of a button:






and
and whoever else (I don't know any anglo politicians
) trying to do old-timey palace intrigues
the Soviet ending for Yuri's Revenge is absolutely amazing