Prior to the introduction of SMM, Ring 0 (CPL0) was full privilege. The ability to kick the CPU into ICE mode, even if there was some way to actually
do something in ICE mode [0] would have been, at most, a way to get at some Intel secret sauce. At attack against the system owner wasn’t in the cards, because the system owner never had any protection from CPL 0 code in the first place. (Unless the system could be induced to self destruct, but even a pretty good self destruct was likely possible from CPL 0 by destroying CMOS or potentially overwriting firmware.)
Even with the addition of SMM, this wouldn’t have been a very big deal - SMM was mostly a kludge to allow system vendors to provide value-added (supposedly) features, and an SMM break would just allow reverse engineering of or interference with these.
On a modern system, it’s a bigger deal. An attack against the ME is every bit as bad as it sounds. Even an attack against SMM breaks Secure Boot and protections against malicious firmware updates [1], which, in turn, could break some TPM protections.
[0] Maybe with cache poisoning? If the instruction after STOREALL could be fetched from cache and regular ring 0 could poison that cache, code execution in ICE mode might be possible.
[1] This is IMO a terrible design on Intel’s part. For some reason, UEFI secure variables are nearly universally implemented by protecting a region of flash from writes originating outside SMM mode. Once in SMM mode, they can be freely overwritten (at least unless SMM itself implements a protected kernel, which is the new hotness). Coming up with simpler and more secure designs is not terribly hard IMO.