Microcode (the concept) is very much older than the 1970's. Per Wikipedia ([1]) the earliest system with something like 'microcode' dates back to 1947.
What is 'special' for the 8086 is that this was a low cost microprocessor using microcode, as opposed to a multi-million dollar mainframe CPU.
[1] https://en.wikipedia.org/wiki/Microcode#History
edit: fix typo