We've always had 'compile once, run anywhere' but there's always been caveats and gotchas.
I don’t think it will replace Docker files since they let you package up such a wide variety of existing server software and WASM is more limited. But if your software does compile to WASM then maybe you don’t care about that.
I think of WASM more like a plugin format, but I expect there will be a lot of engineering effort put into optimizing it, like happened with V8 for JavaScript. Not all web standards win, but betting against one that’s well-established and has a lot of support seems like a mistake.
For the stuff people run on their Kubernetes clusters I have more mixed expectations. Containers are more universal, but I can totally see a microservice architecture running as a lot of WASM runtimes with a handful of containers.
Yup, that's always been the big reason to use containers for me. Startup time and runtime performance are nice benefits, but the memory usage is the giant win. Freeing memory in response to the apps need and also not needing extra memory for running the various OS parts and pieces.
The down side is, of course, security. But that was always the case with containers.