The whole point (or rather, one of the points) of Java and .net are that they are NOT compiled to native code but to bytecode so that you can write code once and then run it on many different systems without having to compile it again.
The fact that Oracle, Microsoft, Google and Apple are now on the JIT/AOT train, tells it all.
To be fair, .NET always had AOT native compilation support from the early days, but NGEN is a simple AOT compiler only meant for faster startup.
For many applications running on a VM on different platforms Just Works. The idea is most definitely not over, in fact it is becoming ever more popular. Just look at the rise of abominations like Electron.
We don't need VMs, what we need is rich libraries and there are plenty of languages with support for AOT compilation to native code with such libraries.
Something that even C++ is finally adopting.
Regarding Electron, I hope it joins MSHTML in a couple of years.