Custom microcode handling is a lot more brittle and chip- specific yet nearly equivalent to overloading in software your call to some avx512 op.
The "last time" this was done was in the x87 days, where if the math coprocessor wasn't installed you could trap the corresponding interrupt and handle it to emulate the instructions.
Wasn't Hackintosh (or getting new OS X running on too old hardware) also using this technology to "support" CPUs without the newest SSEx instruction sets?
[0]: https://en.wikichip.org/wiki/amd/microarchitectures/zen_2
Current Zen has actual 256-bit registers, it just doesn't have the execution units to process the whole register at once. It's not really the same thing.