I don't think anyone seriously expected Intel to be able to thoroughly harden their chips against Spectre-style attacks given just a year to tweak their existing microarchitecture. They were able to move some permissions checks ahead of some speculative actions, but they simply haven't had enough time to design an architecture that can unwind all observable side-effects of mispredictions. It was obvious that all the near-term fixes in silicon would be equivalent to or only slightly better than the microcode or OS-based mitigations.
