I don't suppose you remember, but they did their key management in native code plugins 10-15 years ago. Silverlight and Flash both had DRM capability, IIRC. I've worked with that and it was no joy at all.

Without W3C DRM they would have kept those plugins alive instead of deprecating them. I see no reason why they'd have migrated to webasm, webasm wouldn't provide the know-thy-customer aspect the DRM people want.