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Obfuscated javascript is no more transparent than webassembly. And today the webassembly "state machine" is quite isolated from the web-page and web APIs, making it easy to observe all inputs and outputs.

Also, nothing is stopping a web page author from implementing a simple webassembly interpreter in javascript and using that to execute the code if the browser's webassembly engine has been turned off.

TBF, that stance makes sense only if you also disable Javascript, otherwise it's just superstition (look at any complex webpage and try to make sense of the minified Javascript code in there, even when pretty-printed that's about as useful as looking at the WASM disassembly).

There's literally zero external capability given to WASM in the browser. It must call out to JavaScript to interact with Web APIs. There simply is nothing to hide.