For some reason, I think that instead a Java runtime written in WebAssembly would be more useful.
I can only imagine such a capability for Java or other languages would be infinitely useful.
J2CL is a much better approach (IMO) but is somewhat too little too late.
The best analogy to what GWT was is ASP.NET Webforms but ran on the client. That extra baggage (along with an antiquated build system and setup) made it really hard to keep GWT up to date.
I'm excited to see Java bytecode->WASM though. Now that WASM ships with a GC we should see some really neat stuff in terms of the size of the runtime needed for an AOT bytecode->wasm.