I'd argue that's part of why it's been so successful, especially in competition with the other big ISA - x86. Complex instructions are good because they do a lot in a small size, and a small size is good because it conserves cache usage and memory bandwidth; decoding is rarely the bottleneck now. That's why ARM has Thumb, and their latest cores are similar to x86's uop-decoding and decoupled decoder/execution units.
The whole "it can be done faster in software" idea of RISC was mainly based on some early CISC microarchitectures that weren't implemented as efficiently as they could be, which doesn't imply that they couldn't be. Look at all the instructions added by the various SSE extensions, for example; the performance/speed improvements they provide are real, and the cost of the hardware is basically negligible in comparison.
Here's an interesting comparison where ARM and x86 are quite close in power efficiency, while MIPS is relatively far behind: http://www.extremetech.com/extreme/188396-the-final-isa-show...