What makes you think that you need C/C++ for this? Compilers were and still are written in many languages, and you can always come up with a compiler written in an "arbitrary" language which outputs e.g. an executable ELF file containing your VM runtime code.
There are a few examples of this in the wild btw, look at e.g. the GraalVM and its SubstrateVM sub-project.
A compiler is different from a JIT engine since yeah you can just write whatever binary you want to disk, hell you could write an x86 compiler in javascript. but if you want to emit instructions to memory and send the CPU there to consume them, you need a smidge of native code.
Isn't this only for JIT? My understanding was that non-JIT VMs basically function as emulators of a non-existent CPU, so they interpret each bytecode instruction rather than asking the CPU proper to do a jump.