Update. Based on @Exodd's answer, it turns out that the upper bound is equal to
$$ T_{2m}(\cos x) = \sum_{k=0}^{m} (-1)^k \binom{1/2}{k}\cos^{2k} x, $$
where $T_{2m}(x)$ is the degree $2m$ Taylor polynomial of $\sqrt{1-x^2}$. This completely settles down the questions asked below. (Check the community answer below.) Case closed!
Old Question. While working to find a good upper bound of $\left|\sin x\right|$, I experimentally observed that
$$ \left|\sin x\right| \leq \bbox[color:navy]{ \frac{(2m+1)!}{2^{4m}(m!)^2} \biggl[ \binom{2m}{m} - \sum_{k=1}^{m} \frac{2}{4k^2-1} \binom{2m}{m+k} \cos(2kx) \biggr] } =: S_m(x) \tag{*} $$
holds for all $x \in \mathbb{R}$. However, I have no idea how to prove this, and a quick search on Approach Zero but it did not show anything. So, I am sharing my question with other users:
Question. Does the inequality $\text{(*)}$ really hold true? If so, how can we prove this?
Anyway, here are several observations:
For each $m$, $S_m(x)$ seems to be the unique trigonometric polynomial $\sum_{k=0}^{m} a_k \cos(2kx)$ satisfying $$ \sum_{k=0}^{m} a_k \cos(2kx) = \sin(x) + o\bigl(x-\tfrac{\pi}{2}\bigr)^{2m}. $$ This is actually how I conjectured the coefficients of $S_m(x)$. For each $m$, I determinted the values of $a_k$'s and tried to identify the patterns using OEIS. So, unfortunately I don't have a slightest idea as to how the coefficients of $S_m(x)$ arise.
By noting that $\frac{(2m+1)!}{2^{4m}(m!)^2}\binom{2m}{m+k} \to \frac{2}{\pi}$ as $m \to \infty$, we get $$ \lim_{m\to\infty} S_m(x) = \frac{2}{\pi} \biggl[ 1 - \sum_{k=1}^{\infty} \frac{2}{4k^2-1} \cos(2kx) \biggr]. $$ This is precisely the Fourier cosine series for $\left|\sin x\right|$. So, $\text{(*)}$ is consistent with the Fourier series for $\left|\sin x\right|$.
Surprisingly, $S_m(x)$ seems to be unimodal on $[0, \pi]$ (and hence on each $[k\pi, (k+1)\pi]$ for $k \in \mathbb{Z}$), as we can see from the figure below: