Which does exist. I saw a screening of it a couple of years ago introduced by Douglas Trumbull and it was a hybrid cut, with most, but not all of the additions of the director's cut, and obviously without the new effects.
I don't think either Blade Runner or The Thing were ever going to be mainstream hits. Their respective sequels flopped as well, even though Blade Runner 2049 was a very good film and the 2011 Thing was not bad.
Same with The Thing, which opened on the same day as Blade Runner to poor reviews and box office, but which has since come to be regarded as a classic.
The nose reduction wasn't baked into the older masters. They used to air on various movie channels and looked pretty good. But someone decided to DNR the blu-rays.