https://www.javaworld.com/article/2073700/mobile-java/mobile...
The idea of Java running on devices goes back AFAICR to the very beginning of the language. I remember the "Java everywhere" slogan and initiatives to put Java into every device. Java Card was a version of Java designed to run on smart cards. If memory serves, these were all design goals of the Java platform in the early 90s.
(Remarkably, this was all well before Linux really took off, before the Internet was ubiquitous, and when the most sophisticated electronics most households owned was a VHS player.)
Supporters hope that the web process will prevent excessive features. Actually the dual presence JS/wams will reduce the pressure on JS to be a strong compilation target.
I agree that (almost) no single aspect of wasm is new, but it has a lot of good points.
So what? Java failed, for good reason, wasm has essentially solved all the reason why Java failed.
Almost everything of success used old ideas.
It is like saying the Wright brothers that Da Vinci already failed building flying machines; pretending that engines were not a relevant difference.
So no, it isn't closer to lua than Java.
With 5 minutes Google search effort:
https://www.alibaba.com/showroom/java-chip-card.html
https://www.oracle.com/technetwork/java/embedded/javacard/do...
Also I suspect that Java cards use a stripped down version of Java.