The 68000 was from the same era yet it had a 24 bit address bus, enough for 16 MB.

And the 68008¹ was developed to overcome this problem of requiring too many data and address lines.

1: https://en.wikipedia.org/wiki/Motorola_68008

The 68000 was a high-end product, the 8088 was a lot cheaper, in a big part because of those design decisions, like having a 16 bit memory bus.

This design allowed for a smaller chip, and keeping backwards compatibility with the 8080.