Packaging makes a lot of sense. I've handled a 68000 in DIP64 and it's just comically huge, and trying to fit the cursed thing into a socket quickly explains why DIPs larger than 40 are ultra rare.
I'm sure there must be architectures that use a multiplexed low/high address bus, like a latch signal that says "the 16 bits on the address bus right now are the segment", then a moment later "okay here's the offset", and leave it to the decoding circuitry on the motherboard, to determine how much to overlap them, or not at all. Doing it this way, you could scale the same chip from 64kB to 4GB, and the decision would be part of the system architecture, rather than the processor. (Could even have mode bits, like the infamous A20 Gate, that would vary the offset and thus the addressable space...)
But, yeah, it was surely seen as unnecessary at the time. Nobody was expecting the x86 to spawn forty-plus years of descendants, and even though Moore's Law was over a decade old at the time, it seems like nobody was wrapping their head around its full implications.