Same as the failure of Itanium VLIW instructions: you don't actually want to force the decision of what is in the cache back to compile time, when the relevant information is better available at runtime.

Also, additional information on instructions costs instruction bandwidth and I-cache.

> you don't actually want to force the decision of what is in the cache back to compile time, when the relevant information is better available at runtime

That is very context-dependent. In high-performance code having explicit control over caches can be very beneficial. CUDA and similar give you that ability and it is used extensively.

Now, for general "I wrote some code and want the hardware to run it fast with little effort from my side", I agree that transparent caches are the way.