There will be a text format, but it's important to keep expectations low, as here is what it looks like:
I suspect that's no worse than minified JavaScript or ASM.js.
Re:A cartoon intro to WebAssembly
by irrational on Wednesday March 01, 2017 @02:06AM
(#13761870)
That's a joke, right?
This is addressed in the WASM FAQ:
"Will WebAssembly support View Source on the Web?
Yes! WebAssembly defines a text format to be rendered when developers view the source of a WebAssembly module in any developer tool..." [1]
[1] http://webassembly.org/docs/faq/