You can do it on x86 too, just use jmp instead of call and invent your own arbitrary register scheme for it. This x86 program has no stack: https://github.com/jcalvinowens/asmhttpd

I don't think it's too hard to imagine a compiler that does that, although it would obviously be very limited in functionality (nesting would be disallowed as you note, or I guess limited to the number of registers you're willing to waste on it...).