Actually, focus-by-wire was the primary way autofocusing was implemented in fast-aperture EF prime lenses when the EF lens mount was first developed. For example:
EF 50/1.0L
EF 85/1.2L
EF 200/1.8L
EF 300/2.8L
EF 600/4L
are all focus-by-wire designs. The EF 85/1.2L design has always been focus-by-wire. Optically, this design is a direct descendant of the FD 85/1.2L.
Why use it? Because the bottom line is that for the 85/1.2L design, a mechanical focusing mechanism linking to the focusing ring would add more diameter to the already fat and short lens.
There's nothing intrinsically wrong with focus-by-wire. The reason why AF is slow with this lens is not for this design choice. It's because the optical design of the lens has the focusing group consist of every element except for the last, and all that glass is VERY heavy to move. As I mentioned, this lens was descended from the FD version, and that was designed before autofocusing technology was implemented in SLR lenses. Focus-by-wire gets a bad rap for slow AF but this is not really true. It's only true when the focusing group consists of a lot of elements.
Personally, I don't care about the AF speed as long as AF acquisition is accurate. People want to make the 85L be a "do-it-all" lens. I say it should not have to sacrifice f/1.2 or anything else just for the sake of being more versatile to use. If people want a fast-focusing 85mm prime, use the 85/1.8. I don't want an 85/1.4L and I don't want Canon to think that slapping IS on every lens they update with a slower aperture is going to magically make up for losing a stop of light.