I don't understand why the time component of the 4-vector [ $m~\gamma(|\vec v|)~(c, \vec v)$ ] is being denoted as $E/c$.
So the underlying question is two-fold:
Why is "energy" considered the time component of some 4-vector at all?, and
Why this specific time component expression, among time components of all different 4-vectors imaginable?
(Where we're obviously referring to "energy of something which is characterized by $m$", "with respect to the system or reference frame which determined the value $|\vec v|$ of that something".)
A suitably general and readily applicable definition of (how to measure) "energy" seems to be as "time component of the generator of translations"
(or "generator of succession"; alongside the definition of how to measure corresponding space components, namely of momentum as "generator of translations"):
$$\hat E :\simeq \frac{d}{dt}\!\!\big[ ~ \big].$$
Applying this operator to $\tau(\vec v)$ (to what else?) yields (by my naive calculation):
$$\hat E\big[ \tau(\vec v) \big] :\simeq \frac{d}{dt}\!\!\big[ t~\sqrt{ 1 - \left( \frac{|\vec v|}{c} \right)^2 } \big] := \frac{d}{dt}\!\!\big[ t~\sqrt{ 1 - \left( \frac{|\vec x|}{c~t} \right)^2 } \big] = $$ $$ = \sqrt{ 1 - \left( \frac{|\vec x|}{c~t} \right)^2 } - \frac{\frac{t}{(-t^3)}~\left(\frac{|\vec x|}{c^2}\right)^2}{\sqrt{ 1 - \left( \frac{|\vec x|}{c~t} \right)^2 } } = \frac{1}{\sqrt{ 1 - \left( \frac{|\vec x|}{c~t} \right)^2 } } = \frac{1}{\sqrt{ 1 - \left( \frac{|\vec v|}{c} \right)^2 } },$$
where obviously $|\vec v| := |\vec x| / t$.
A similar excercise with one component of the momentum operator $\hat p_x :\simeq \frac{d}{dx}\!\!\big[ ~ \big]$ results in:
$$\hat p_x\!\big[ \tau(\vec v) \big] :\simeq \frac{d}{dt}\!\!\big[ t~\sqrt{ 1 - \left( \frac{|\vec v|}{c} \right)^2 } \big] := \frac{d}{dt}\!\!\big[ t~\sqrt{ 1 - \frac{x^2 + y^2 + z^2}{(c~t)^2} } \big] = $$ $$ = -\frac{t~x}{(c~t)^2} \frac{1}{\sqrt{ 1 - \left( \frac{x^2 + y^2 + z^2}{c~t} \right)^2 } } = \frac{-x}{t~c^2} \frac{1}{\sqrt{ 1 - \left( \frac{x^2 + y^2 + z^2}{c~t} \right)^2 } } = -\frac{v_x}{c^2} \frac{1}{\sqrt{ 1 - \left( \frac{|\vec v|}{c} \right)^2 } )}, $$
with $x$, $y$, $z$ denoting distances in three orthogonal directions, in a flat space, of course.
With suitable proportionality constants
$$\hat E := m~c^2~ \frac{d}{dt}\!\!\big[ ~ \big]$$ and
$$\hat p_x := m~c^2~ \frac{d}{dx}\!\!\big[ ~ \big], \,\,\, \hat p_y := m~c^2~ \frac{d}{dy}\!\!\big[ ~ \big], \,\,\, \hat p_z := m~c^2~ \frac{d}{dz}\!\!\big[ ~ \big]$$
then together
$$\left( \frac{1}{c^2} (\hat E)^2 - (\hat p_x)^2 - (\hat p_y)^2 - (\hat p_z)^2 \right)\!\big[ \tau(\vec v) \big] = (m~c)^2 $$
which is a result evidently independent of $\vec v$, therefore an invariant characteristic of the "something" whose energy and momentum components were being determined; and $(\frac{E}{c}, \vec p)$ is a corresponding 4-vector expression.
All this applies in the simplest case that the "something" which is characterized by the invariant $m$ is "free". If instead a "potential" enters the consideration then the invariant is rather expressed as
$$\left( \frac{1}{c^2} (\hat E - q~A_t)^2 - (\hat p_x - q~A_x)^2 - (\hat p_y - q~A_y)^2 - (\hat p_z - q~A_z)^2 \right)\!\big[ \tau(\vec v) \big] = (m~c)^2, $$
where $\mathbf A := (\frac{A_t}{c}, \vec A)$ is a suitable 4-vector potential (whose components may in turn be expressed as derivatives of a suitable "phase function" $\alpha( \mathbf x )$), and $q$ represents a "charge".