RISC is a bad thing actually. RISC eliminates many useful commands to make pipelining easier. The price they pay is that you need more RISC instructions where you could get away with a single CISC instruction. This may (or may not) be of benefit if you have long pipelines and caches, but since small MCUs do not use (and do not need) long pipelines and caches, RISC would only increase the size of the program and decrease speed.
Processor cores do not exist as theoretical constructs in an isolated vacuum. Transistors are very cheap but not free. Are you suggesting that maximum clock rate, cycles per instruction (these first two taken together constituting throughput), die size, power consumption, etc. would remain exactly the same for a CISC processor as for a RISC processor?
I don't know why you think I suggested this, but, of course, on the high end encoding isn't very critical. CISC will give you better code density, RISC will give you better pipelining. At any rate, the CPU shuffles everything, changes execution order, makes its own decisions, so the command encoding is unlikely to change anything. By the time ARM gets to the level as x64, it'll be approximately the same in most respects.
The small MCUs are dramatically different - you need it real-time, optimized for the worst case (not for average throughput), you also want short interrupt latency. In addition the commands are fetched from the flash and there's a hard limit how fast this can be done. In such environment, CISC (big instructions and short pipelines) is much better than RISC (small instructions and long pipelines).