It wasn't really like that AIUI. Using a stack introduced hardware complexity while also serialising instruction processing (because you only work from the top of the stack, unlike a register set where you can access any part of it at any time) which caused the chip not to be the raging speed demon the designers thought it was going to be.
I'd very much like to understood what was going through the sparc designers minds when they did that. Looking back on it with my own current understanding of CPU designs and all that, they seem to have made some incredibly basic mistakes, including designing the hardware without talking to the compiler writers (a cockup the Alpha designers very definitely didn't make). It's all very odd.
Another mistake they made was apparently deciding to leave out instructions based on counting them in the code – if an instruction didn't appear very often they omitted it. Sounds reasonable but that meant they left out the multiply instruction initially, which might not have been so common in the code was actually executed quite often (e.g. in array lookups) and there were complaints about the new Sparc stations with their new superior chip, that they were slower than the 68000-based CPU that preceded it. Hardware multiply was later added.
Yikes, that triggered flashbacks of 8086 segmented memory.