Now, to be clear, a lot of these folks and their ideas moved the state-of-the-art in compilers massively ahead, and are a big reason compilers are so good now. Really, really smart people worked this problem.
In comparison, Multiflow was not so bad.
That sounds like DEC Alpha to me, yet Alpha didn't take over the world. "Proprietary architecture" is a bad word, not something you want to base your future on. Without the Intel/AMD competition, x86 wouldn't have dominated for all these years.
That's the usual chicken & egg problem... If they sold more units, the prices would have come down. But people weren't buying many, because the prices were high.
Itanium, like Alpha, or any other alternative architecture, would also have trouble and get stuck in that circle. x86-64, being a very inexpensive add-on to x86, managed to avoid that.