I can't quite understand what is your point? Are you arguing that both JVM and WASM are bad? With this I agree, they both have terrible performance and in an ideal world we wouldn't use any of them.
Are you arguing that JVM bytecode is better than WASM? That's objectively not true. One example is a function pointer in C. To compile it to JVM bytecode you would need to convert it to the virtual call using some very roundabout way. But in WASM you have native support for function pointers, which gives much better flexibility when compiling other languages.
This is a very dangerous way of thinking. You cannot tell at the time of discovery if specific research will be useful or not down the line. You need to advance the research in all directions, even if some of them seem silly or useless, or else you will handicap your progress in other fields which you didn't see the connection with at first.