Of course, that explains why they could get away with complexity, but that doesn't explain why it's trash.
It's not so much getting away with complexity as that it would have cost more to have less of it in the instruction set. But if you want to speak to that specifically, part of the reason the instruction set is trash is that the architecture is trash — by modern standards, anyway. For example, from a certain point of view, x86 has zero general-purpose registers because some of its instructions (a ton of them really) require that operands and offsets go into specific registers. But this also made the processor simpler, because it didn't have to be able to use other registers. It also made the code smaller, because some instructions are shorter than others.
This was a problem for performance until register renaming was implemented, which IIRC was also a Cyrix development (when it comes to x86 anyway.) With RR, though, the performance penalty of having to move things between registers so that you could execute successive operations was reduced, or with superscalar processors, more or less eliminated since those "moves" can be processed at the same time as other operations and only take one cycle to complete.
Anyway it ultimately was because intel made the processor as simple as possible through the 486, as this was back when an ISA really was an ISA — the instruction set was defined by the architecture, unlike now where one multi-cycle instruction is translated by the decoder into multiple single-cycle instructions in basically all designs, except for genuine RISC. They made up most of the performance drawback with their compiler, which for many years was the most efficient for x86 as it had optimizations to work around the deficiencies of the design. These days, gcc produces more efficient code for all processors than icc.