‘Cheaper’ only at come into view if you’re selling millions of devices, and even then there have been other designs that are similarly open for which you can’t buy really competitive cores.
Waterman, and probably his advisor Patterson, might disagree. The focus of the RISC-V design is avoiding aspects of legacy ISAs that make them harder to implement.
Secondly, for a high performance core, the consensus seems to be that the ISA mostly doesn't matter. The things that make a high performance core are mostly things that happen downstream of the instruction decoders. Heck, even the x86 ISA allows producing some pretty amazingly good cores. Conversely, for a simple in-order cheap core, the ISA matters much more.
Once you've decoded the crazy x86 instructions into µops in the µop cache then, yes, it avoided the worst CISC mistakes of multiple memory accesses (and potential page faults) in one instruction via having only one memory operand per instruction and not having indirect addressing.
People generally don't buy instruction sets, they buy solutions.
Temporally, because (knock on wood) RISC-V is going to take over the RadHard space market between Microchip/NASA’s High Performance Space Computer [1] and the Gaisler chips [2]
In a non-proprietary sense because much NVDA is alleged to be RISC-V
[1] https://www.microchip.com/en-us/products/microprocessors/64-...
[2] https://www.gaisler.com/secondary-product-category/rad-hard-... see GR765 & GR801