When I read this, I expected there to be some discussion about the chain of custody, verification of the signature of microcode updates, or possible injection attacks, but none of that is mentioned here. I think those are the real reasons that people are afraid of microcode...even in the case that you trust the vendor themselves, you have little to no way of knowing that what you have itself hasnt been modified.
They're signed and I believe encrypted by Intel. The CPU will fail to apply a microcode update whose signature fails validation. Here's the best public discussion about the format of microcode updates I know of offhand: http://www.inertiawar.com/microcode/
Intel microcode update secret key revealed
https://arstechnica.com/gadgets/2020/10/in-a-first-researche...
https://ieeeaccess.ieee.org/featured-articles/reverseenginee...
https://github.com/intel/Intel-Linux-Processor-Microcode-Dat...
https://github.com/platomav/CPUMicrocodes
It would take state actor-level effort to install APTs as firmware or microcode updates. Microcode updates are the smallest target because they don't survive power outages. Attacking the TPM, BIOS, SSD, accessory ICs, or supply chain would be more useful.