The real value in Wasm is in the Web use case: bring to the most popular platform software that was impossible (or very difficult) to bring before.
Just look at Ruffle (Flash Player reimplementation), V86 (x86 virtual machine), Google Earth, ...
Wasm on the Server is a fad, and sadly it's hijacking resources and design space from the real thing. WASI being a prime example: because of the "Component model", any attempt at tighter integration with the Browser API stopped in the hope for a magical solution to all computing problems.