Even if Oracle were willing to relicense the JVM under more permissive terms, I very much doubt Google/Chromium would agree to include a JVM in Chrome. The experience with applets has been the JVM is difficult to secure for untrusted code execution due to its broad API surface. (Maybe running an untrusted JVM in a sandbox would help with that.) Putting that aside, the JVM is just such a massive code base, I don't think Google/Chromium would want to embed it. And the same comments apply to Apple, Microsoft and Mozilla. And the situation with the equivalent proposal for the CLI is broadly similar.

I think what is plausible is that OpenJDK could support wasm as a platform (as a target for JIT and AOT), and similarly so could .Net. Wasm probably isn't mature enough yet for either to succeed, but I can't see why it can't get there.