From digging, it looks like the issue here (or one of the issues) is that the Web Assembly encoding for some Lisp uses cases (multiple value return) is not very compact. Making the proposed change would presumably reduce the size of Lisp code once compiled to Web Assembly, it would not really affect the behavior of the program once compiled to native code.

I can relate to the Web Assembly team's reluctance to add features which are only really wanted by a small subset of users, especially when they only affect the binary size. These features, if implemented, may suffer from poor test coverage. My own preference is that compact binaries are nice but if you're going to use a high-level language, an increase in binary size is just expected (say, an order of magnitude) unless the encoding/VM and language were designed in concert (Java + JVM, or C# + CIL are two examples). Heck, C++ binaries can be enormous.

Then again, I didn't dig deep enough to really understand the nuances of the argument. Perhaps someone could elaborate.