The idea was that the cost of using WASM would be entirely offset by the speedup of removing the cost of hardware memory protection. We could do that if everything ran in one big VM because the VM would enforce the memory protection.
Unfortunately, now we can't rely on a VM for memory protection anymore. We have to assume that any code running in the same address space can access any memory in the same address space.
So we need the hardware memory protection after all. You can say goodbye to your WASM-only future.