It's not all that different from the memory pages we have today, except that the 'segment' addressing has become a lot more complex under the hood (multi-level page tables) and a lot simpler at the surface (by merging the 'segment-' and page-address bits into a single virtual address).
PS: and segmented memory wasn't all that different from the memory banking used before in 8-bit home computers to address more than 64 KBytes, except that the memory mapping hardware was implemented outside the CPU.
> It's not all that different from the memory pages we have today
An MMU gives you a flat addressing model. There is no comparison. 8086 segments are rigidly locked to a 64KB window that goes forward in memory 16 bytes for every segment (so segmented address 1234:5678 is linear address $12340 + $5678 = $179B8)
It didn't do this to offer a useful feature like an MMU. It did this to allow code that doesn't know segment registers exist to think they're still running on an 8-bit Z80. What a waste of potential. The 68000 didn't pretend to be a 6502.
The 80286 introduced protected mode with "segment descriptors", but this is well after MMUs existed on other CPUs, it didn't invent virtual memory. Only the 80386 offered a 32-bit flat memory model.
If you want to see something to make you weep, look at the MS-DOS version of unzip. It has to do all kinds of crazy, just to allocate 64KB of RAM and get all 64KB, not 8 bytes less. And it's still locked into a memory access model that will not let it ever address more than 64KB of any one object. It's why MS-DOS was viewed as a toy OS for a toy computer.