- Does it mean reducing the actual number of instructions in the ISA?
- Does it mean reducing the functionality of each instruction to it's absoloute minimum?
These are similar, and overlapping in places. You can also do one without the other.
I think that the base RISC-V ISA does both to a perhaps unhelpful degree. As soon as you want a RISC-V core to be competative with other peer ISAs, you need a bunch of the extensions, which minimises the value in calling it reduced in the first place. At the least, it exposes a possible dichotomy between "reduced-ness" and "usefullness".