Then once there was space to put all the stuff needed for a single instruction on the die, we found ourselves clock-limited by long logic depth and started splitting the functions out across "pipeline" stages, which begat RISC, and we've never looked back.
But all that being said: this design is totally cheating. Sure, the logic takes only 308 LUTs. But the microcode is stored in 4 block RAMs, which a quick Google tells me are 36kbit a piece. That's a much more significant chunk of chip resources than is implied in the linked article.