It might well be fugly but it works. That's the key point.
I'm sure Intel (or anyone else), if they could develop x86 again from scratch, and with the benefit of hindsight, would create a much nicer mechanism. But that's just speculation and wishful thinking.
Haven't they? I thought x86 was now basically just a legacy compatibility layer on top of significantly more streamlined and optimized RISC-like operations.
I'm sure Intel (or anyone else), if they could develop x86 again from scratch, and with the benefit of hindsight, would create a much nicer mechanism. But that's just speculation and wishful thinking.