Wasting a register on comparatively more modern ISA's (PA-RISC 2.0, MIPS64, POWER, aarch64 etc – they are all more modern and have an abundance of general purpose registers) is not a concern.

The actual «wastage» is in having to generate a prologue and an epilogue for each function – 2x instructions to preserve the old frame pointer and set a new one up, and 2x instruction at the point of return – to restore the previous frame pointer.

Generally, it is not a big deal with an exception of a pathological case of a very large number of very small functions calling each other frequently where the extra 4x instructions per each such a function will be filling up the L1 instruction cache «unnessarily».