As someone who knows almost nothing about CPU architecture, I've always wondered if there could be a new instruction set, better suited to today's needs. I realize it would require a monumental software effort but most of these instruction sets are decades old. RISC-V is newer but my understanding is it's still based around ARM, just without royalties (and thus isn't bringing many new ideas to the table per say)
RISC-V is the fifth version of a series of academic chip designs at Berkeley (hence it's name).
In terms of design philosophy, it's probably closest to MIPS of the major architectures; I'll point out that some of its early whitepapers are explicitly calling out ARM and x86 as the kind of architectural weirdos to avoid emulating.