Intel places restrictions against reverse engineering the microcode, as well as it not being in the prefered original source. Both of these violate the Debian Free Software Guidelines, and thus it can only be in non-free at best.
Also, I have basic Ubuntu. I'm running `apt list --installed` and I don't have the microcode package in the list. Does that command not list dependencies, or am I just missing it?
Also another big issue issue is the Intel microcode is proprietary, so separating it from the kernel means that user could selectively pick and choose if wants to have a totally free system, which would mean not loading microcode updates with a libre kernel. This is done for instance with Parabola and Trisquel distros, which is needed to obtain FSF's totally free certification.
( the version of your OS doesn't matter, it's working for any Ubuntu / Debian release )