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https://github.com/sebmarkbage/ocamlrun-wasm

reason == ocaml

Yes, but a byte code interpreter ported to wasm via emscripten != a compiler with a WASM backend.

Isn't the stuff that comes out of the OCaml compiler byte code?

As far as I can tell, OCaml has a GC and WASM (at the moment) doesn't so this seems like the only viable solution to me.

OCaml also has a native x86 backend, which produces quite efficient code.

I couldn't find anything on this either. The assembly emitters in their repo don't suggest a WASM backend: https://github.com/ocaml/ocaml/tree/trunk/asmcomp

AFAIK Reason is a frontend for OCaml and can target whatever OCaml can target. Note that for targeting JavaScript they are using BuckleScript, an OCaml backend that's not built by Facebook.