You may think that’s too close to the hardware, but if you want “actual control over things like register allocation”, you will be writing your code for a specific register set size, types of (vector) registers, etc, so you’ll soon be targeting a specific CPU.
Also, was C ever “portable assembly”? There may have been a brief period where that was true, but it started as a language where programmers could fairly reliably predict what assembly the compiler would generated but that wasn’t portable, and once it had become portable, users wanted optimizations, so predicting what code it would generate was a lot harder.
That's probably why nothing good has been created to fill that space yet (that I know of). Any serious project is just going to opt for compiler optimizations.
It's nice to wish for the optimizer to do the [almost] perfect job, but sometimes that never arrives. Consider for example the case of AMD GPU ISA (GCN) generated by LLVM: it's been so far from optimal for so long, that one can lose hope that'll ever happen; and wish for a simple solution that works in the meantime.