You know... I take it back. Icewind Dale's rest mechanics are still better. Why? As annoying as it is, because it's annoying to run all the way back to Kuldahar, I do find myself risking that sleep in the dungeon just because it's annoying going all the way back.
No Fast Travel = discouraged from resting in the dungeon = encouraged to manage my resources better so I don't rest as often.
So, random encounters in the dungeon + regenerated enemies if you return after a rest + no fast travel and therefore annoyance does limit spamming rest.
Thus, it is at least SOME form of mechanics which is better than none. I don't enjoy it, mind you, as it is annoying and boring, but at least it's something.
I believe Larian can do better. They can do something better than these 20+ year old games and something better than nothing.