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It does not change anything substantial about the web today. It will just be a saner output format for compilers than javascript. Unless you write compilers, nothing changes.

It does not matter weather your language compiles to JS or WASM, and it does not matter what the browser executes.

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I agree with most of what you say but it is a bit extreme to say "Unless you write compilers, nothing changes".

Some troubleshooting methods will change, the ability to view source will be reduced, performance will be increase, safety will increase...

And many more subtle things. I agree it is a huge win, but there are some (minor) negatives.

There is a major negative effect - you will be running obscure blobs of code - you can't think of anything worse for security.

Sandboxing as such will not help you to any degree with that. People promoting sanboxing as a universal solution have poor knowledge of computer security

I don't know a complex web app that doesn't minify and/or obfuscate its source code.

You do not see a difference in between two?

No, not at all (practically). Either way I need a source map and/or a decompiler to read the code.

The parsed VM bytecode and calls to native code by the interpreter are two quite different things

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