In my experience, of all the websites that don't work without JS, only a minority actually need it. Most of the time it's silly things like articles and blog posts that just show a blank screen without JS, or drop-down menus that rely on JS even though there are perfectly fine non-JS ways to do it, etc.
What does make sense to me is a new platform based on WASM, with related tooling. Photoshop in the browser or something running the Unreal Engine or .Net is not the web enough to maybe deserve its own thing. But a new platform based on what are essentially complaints about complexity or efficiency would be too messy.
Right now there's next to zero incentive not to use JavaScript. And only slightly more to engineer a working fallback page.
Bifurcating the web would provide one.
Or to put it another way, extrapolated down this path README.txt files on the web in the future will only be accessible with a pair of VR goggles.