Just out of curiosity, what did you learn from JS's mistakes? What would you like to see happen in place of WASM?
Giving a lot of power to the server is a bad idea. Users should be able to audit, control and modify how the data is processed in a very granular way. Strong artificial limiters on how many resources something can use. Basically, it should be a fully tunable VM for each process. Readable and modifiable by the end-user, without a lot of hoops to jump through.
tl;dr: the more power that the end-user has over the code, the better.
But it seems unlikely things will go that way. People are motivated by what they can make webapps do, and will take the quickest way to get there. Doing it right, where the end user has the most control, is more work to design and implement, so people won't bother.
I think WASM can and will bring a lot of cool stuff to the web, just like JS did. What worries me is that we learned virtually nothing from the mistakes that we made with JS.