That's one way to look at it. Another is that opaque CPU designs are a big issue (at least for meltdown, which is a bug; spectre is more of a broken design philosophy).
Doing that comes at a cost, which compounds the complexity already added by merit of being CISC in the first place.
Besides, this translation layer is not a major source of complexity anymore. Even instruction decoding in x86 is not a big deal anymore.
What larger code size?
RISC-V is no worse than x86-64.
Refer to: https://riscv.org/wp-content/uploads/2016/07/Tue1130celio-fu...
Being a new ISA, RISC-V does have an advantage of being able to learn from past mistakes.
It's very nice, indeed. Unlike the established RISC ISAs, this one's created with decades of RISC (and CISC) experience to draw from.
I'd of course still have my doubts whether this is going to draw any traction, if it wasn't for the list of RISC-V Foundation members.
RISC only made sense when logic cycle times, memory cycle times, and I/O cycle times were at rough parity.
As for your claims on RISC not making sense, I'll just say it makes more sense than ever, as complexity leads to issues, which could affect security, and security is important in the present networked world.
Nowadays it just doesn't matter, because CPUs translate ISA into whatever they please.
Cache and out of order buffers (speculation) is what is behind latest security issues.