The interesting thing about WASM is that it's an amazing representation[1] to translate from; certainly much more attractive than binary translation from a legacy ISA (maintaining the illusion of the original ISA carry a substantial tax). As thus, it allows you freedom to innovate something radically different, like TRIPS/EDGE radical.

I'd much rather translate from that than create the compiler backend and the entire toolchain.

[1] It's not perfect alas, as there are still many things the compiler knows that is lost in translation, such as the complete static alias sets of memory operations, true range limits on values, etc. For some of this we burn power today trying to (re-) discover at run-time (like the memory disambiguator).

Oh there's still a lot of work to do before it's possible, but things like WASM pthreads, gc, etc are moving along.