Pushing a final compilation to the user is not a good idea - either it will happen everytime you run, or at install time. I have a lot of programs that are just executeables, and will not be installed. Having that overhead every time something is run is just a waste. Install compilation means that I cannot expect reasonable performance if I upgrade the CPU, if it'll work at all.

So for any reasonable implementation we're looking at JIT with caching, for running platform independent code. The very definition of a process VM is "to execute computer programs in a platform-independent environment"[0].

[0]: https://en.wikipedia.org/wiki/Virtual_machine