This is important as any 32 bit design is already going to be a big project, so lets not make it impossible by going for something like the CISC of the 80386!
From a practical standpoint, going with 32-bit over 16-bit means not much more than making the datapath twice as wide --- which increases area but not actual complexity per se. And seeing a discrete i386 would actually be pretty interesting, especially if implemented on top of this one as an x86-to-RISCV uop-based decoder like the original P5.
Here's another well-known one, although it's 16-bit and uses a custom ISA (but its creator ported a whole OS to it):