I think the bigger compelling piece for x86 was its continuity with the top-selling 8080/Z80 CP/M machines that were the effective standard at the time. IBM offered both PC-DOS (cheap) and CP/M (expensive), and wasn't sure which was going to win out. And PC-DOS was basically a kind of clone of CP/M, down to the API call names.
David J. Bradley (https://en.wikipedia.org/wiki/David_Bradley_(engineer)) worked on both the Datamaster and the PC projects, and explained the reasoning behind the choice of the 8088 for the latter in an article in the September 1990 issue of Byte (https://archive.org/stream/byte-magazine-1990-09/1990_09_BYT...):
There were a number of reasons why we chose the Intel 8088 as the IBM PC's central processor.
1. The 64K-byte address limit had to be overcome. This requirement meant that we had to use a 16-bit microprocessor.
2. The processor and its peripherals had to be available immediately. There was no time for new LSI chip development, and manufacturing lead times meant that quantities had to be available right away.
3. We couldn't afford a long learning period; we had to use technology we were familiar with. And we needed a rich set of support chips -- we wanted a system with a DMA controller, an interrupt controller, timers, and parallel ports.
4. There had to be both an operating system and applications software available for the processor.
Points 1 and 3 both reference lessons learned from the Datamaster project -- #1 is about the desire for the PC to overcome a limitation the Datamaster's 8-bit CPU had imposed on it, and #3 refers to the fact that the 8086 and 8088 were close cousins of the 8085, so the IBMers wouldn't have to learn a whole new architecture from scratch.
It's not hard to imagine the decision coming down to Bradley (or someone else on the Entry Systems Division team) calling someone they knew at Intel and saying "we need a 16-bit processor as similar to the 8085 as possible that you can deliver in volume tomorrow. Whatcha got?"
"Next came the 8088, the processor for the first IBM PC. Even though IBM engineers at the time wanted to use the Motorola 68000 in the PC, the company already had the rights to produce the 8086 line (by trading rights to Intel for its bubble memory)"
https://www.ibm.com/developerworks/library/pa-microhist/inde...
Even using the 8088 vs. the 8086 was a cost-saving move. A premium IBM PC might well have simply flopped rather than accelerating the industry.