Here's a new implementation of \widebar, based on \overline. It works by hacking into amsmath's accent placement, so it needs that package. Here's a comparison of \widebar (first line) and \overline (second line):

I think the placement of the bars in the first line is better, except for the \sin z, where there's no difference. Note that \widebar works well together with superscripts, but not necessarily with subscripts. (\overline has the same issue.) It also works well over combined symbols like AB in most cases.
\documentclass{article}
\usepackage{amsmath}
\makeatletter
\newcommand*\if@single[3]{%
\setbox0\hbox{${\mathaccent"0362{#1}}^H$}%
\setbox2\hbox{${\mathaccent"0362{\kern0pt#1}}^H$}%
\ifdim\ht0=\ht2 #3\else #2\fi
}
%The bar will be moved to the right by a half of \macc@kerna, which is computed by amsmath:
\newcommand*\rel@kern[1]{\kern#1\dimexpr\macc@kerna}
%If there's a superscript following the bar, then no negative kern may follow the bar;
%an additional {} makes sure that the superscript is high enough in this case:
\newcommand*\widebar[1]{\@ifnextchar^{{\wide@bar{#1}{0}}}{\wide@bar{#1}{1}}}
%Use a separate algorithm for single symbols:
\newcommand*\wide@bar[2]{\if@single{#1}{\wide@bar@{#1}{#2}{1}}{\wide@bar@{#1}{#2}{2}}}
\newcommand*\wide@bar@[3]{%
\begingroup
\def\mathaccent##1##2{%
%If there's more than a single symbol, use the first character instead (see below):
\if#32 \let\macc@nucleus\first@char \fi
%Determine the italic correction:
\setbox\z@\hbox{$\macc@style{\macc@nucleus}_{}$}%
\setbox\tw@\hbox{$\macc@style{\macc@nucleus}{}_{}$}%
\dimen@\wd\tw@
\advance\dimen@-\wd\z@
%Now \dimen@ is the italic correction of the symbol.
\divide\dimen@ 3
\@tempdima\wd\tw@
\advance\@tempdima-\scriptspace
%Now \@tempdima is the width of the symbol.
\divide\@tempdima 10
\advance\dimen@-\@tempdima
%Now \dimen@ = (italic correction / 3) - (Breite / 10)
\ifdim\dimen@>\z@ \dimen@0pt\fi
%The bar will be shortened in the case \dimen@<0 !
\rel@kern{0.6}\kern-\dimen@
\if#31
\overline{\rel@kern{-0.6}\kern\dimen@\macc@nucleus\rel@kern{0.4}\kern\dimen@}%
\advance\dimen@0.4\dimexpr\macc@kerna
%Place the combined final kern (-\dimen@) if it is >0 or if a superscript follows:
\let\final@kern#2%
\ifdim\dimen@<\z@ \let\final@kern1\fi
\if\final@kern1 \kern-\dimen@\fi
\else
\overline{\rel@kern{-0.6}\kern\dimen@#1}%
\fi
}%
\macc@depth\@ne
\let\math@bgroup\@empty \let\math@egroup\macc@set@skewchar
\mathsurround\z@ \frozen@everymath{\mathgroup\macc@group\relax}%
\macc@set@skewchar\relax
\let\mathaccentV\macc@nested@a
%The following initialises \macc@kerna and calls \mathaccent:
\if#31
\macc@nested@a\relax111{#1}%
\else
%If the argument consists of more than one symbol, and if the first token is
%a letter, use that letter for the computations:
\def\gobble@till@marker##1\endmarker{}%
\futurelet\first@char\gobble@till@marker#1\endmarker
\ifcat\noexpand\first@char A\else
\def\first@char{}%
\fi
\macc@nested@a\relax111{\first@char}%
\fi
\endgroup
}
\makeatother
\newcommand\test[1]{%
$#1{M}$ $#1{A}$ $#1{g}$ $#1{\beta}$ $#1{\mathcal A}^q$
$#1{AB}^\sigma$ $#1{H}^C$ $#1{\sin z}$ $#1{W}_n$}
\begin{document}
\test\widebar
\test\overline
\end{document}
Here is my previous simpler implementation; the intended use is for single symbols. It also works when applied to several symbols, but then the placement of the bar may not be appropriate (see AW at the end). Moreover, subsequent superscripts may be placed too close to the bar.

\documentclass{article}
\usepackage{amsmath}
\makeatletter
\newcommand*\rel@kern[1]{\kern#1\dimexpr\macc@kerna}
\newcommand*\widebar[1]{%
\begingroup
\def\mathaccent##1##2{%
\rel@kern{0.8}%
\overline{\rel@kern{-0.8}\macc@nucleus\rel@kern{0.2}}%
\rel@kern{-0.2}%
}%
\macc@depth\@ne
\let\math@bgroup\@empty \let\math@egroup\macc@set@skewchar
\mathsurround\z@ \frozen@everymath{\mathgroup\macc@group\relax}%
\macc@set@skewchar\relax
\let\mathaccentV\macc@nested@a
\macc@nested@a\relax111{#1}%
\endgroup
}
\makeatother
\begin{document}
$\widebar{M}$ $\widebar{A}$ $\widebar{\mathcal A}$ $\widebar{g}$ $\widebar{\beta}$
$\widebar{AB}$ $\widebar{AW}$
$\overline{M}$ $\overline{A}$ $\overline{\mathcal A}$ $\overline{g}$ $\overline{\beta}$
$\overline{AB}$ $\overline{AW}$
\end{document}