Beyond that, compressed instructions are not a 1:1 substitute for more complex instructions, because a pair of compressed instructions cannot have any fields that cross the 16-bit boundary. This means you can't recover things like larger load/store offsets.
Additionally, you can't discard architectural state changes due to the first instruction. If you want to fuse an address computation with a load, you still have to write the new address to the register destination of the address computation. If you want to perform clever fusion for carry propagation, you still have to perform all of the GPR writes. This is work that a more complex instruction simply wouldn't have to perform, and again it complicates a high performance implementation.