So much empty space in the ISA.

This is an important ISA feature -- an instruction encoding that is wasteful of its encoding space is one that has no room for future new instructions (or which has to encode the new instructions in complicated ways to fit in whatever tiny "holes" are left in the encoding space).

The old 32-bit Arm encoding had this problem, partly because of the "all instructions are conditional" feature. Even after the clawback of the "never" condition that wasted 1/16 of the available instruction encoding space as NOPs, it was tricky to find places to put new features.