Less instructions sounds great, but with CISC you do not know how long those instructions will take to execute. RISC has only a handful of instructions, that all take 1 clock cycle (with pipelining). This makes the hardware simple and easy optimize. The instructions you lose can just be implemented in software. That space on chip can be used for more registers and cache, for a huge speed up. Plus nowadays, shared libraries and compilers do a lot of work for us behind the scenes as well. Having tons of instructions on chip only is a benefit for a narrow group of users today.
We've found that for hardware it's better to reduce clock cycles per instruction, rather than reduce total number of instructions.