When WASM got released (around 2017), there was already that discussion to allow direct bindings without a JS roundtrip, but AFAIK there is still no actual implementation for this in any browser.
The calling overhead between WASM and JS is quite negligable compared to that (at least since around 2018: https://hacks.mozilla.org/2018/10/calls-between-javascript-a...).
Another problem is that WebGL relies on garbage collected Javascript objects, but this problem can't really be solved on the WASM side, even with the "anyref" proposal (this would just allow to remove the mapping layer between integer ids and Javascript objects that's currently needed).
I guess it depends on what you are doing. For most people doing web assembly, the point is avoiding dealing with/minimizing the need for interacting with javascript. But still, it seems there are some nice virtual dom options for Rust: https://github.com/fitzgen/dodrio that are allededly fast and performant (not a Rust programmer myself).
But they are also working on more efficient bindings.