That's not bad. Placing the bolts forward of the steerer helps make it look less like a radiator hose clamp.
Trek used to make some like that in the mid 90's (I think they were System 3?) that were also not too thick. Some Thomson stems are also forward like that, but are very thick.

Not my picture, but looks a lot like the one or two system 3? stems that I have in my parts box. Only 2 bolts on the faceplate, I'm not sure if that was a hazard or not.
I do wish there were attractive quill stems with removable faceplates in more sizes/styles that were easily available.