The situation now is very different. The vast majority of the chip is cache. The trade-off for a much bigger decoder (or register stack, or whatever) is now just a fractionally smaller cache.
And on current systems the CPU and memory operate at enormously different speeds - memory is 10+ times slower than the CPU. So to keep the CPU even vaguely busy, we have resorted to enormous caches. And we use large numbers of cores & threads, so that when one thread is waiting for memory, others may be able to run.
The old game was max performance from a limited number of gates. The current situation makes such enormous numbers of gates available (even on tiny, cheap chips) that we're playing an altogether different game.