A close look at the 8086 processor's bus hold circuitry
righto.com
righto.com
That truly does seem to be a silly design (as does the pin count constraint that "excuses" it). "Gakulicious engineering by intel" could probably fill a decent textbook.
What else might've used this? 8087 doesn't seem like enough of a thing to justify an entire separated bus like this, were they thinking multiprocessor uses? were there any? "asymmetric multiprocessing" i guess it'd have to have been.
As far as applications of the bus, multiprocessing was a big motivation. Intel had big plans with their Multibus. Intel had more plans for coprocessors as well. They introduced the 8089 I/O coprocessor to provide mainframe-style channel I/O, but it wasn't very popular.
Edit: adding that this is in the late 70s/early 80s where final integrators were using a bunch of 7000s-esque logic to glue the board together. Nowadays of course we can assume so many transistors on both sides of a trace that super generic sets of SERDES-style pairs makes sense nowadays for most complex buses.
Just about any manufacturer would be reworking boards that failed QA not throwing them away.
http://bitsavers.org/pdf/intel/ISIS_II/9800938-01_8089_Assem...
https://en.wikipedia.org/wiki/Intel_8089
As for pin count, google around a bit and find out how much trouble the relaxed attitude to pin count caused for Motorola. The 68K paid dearly for its many pins.