If there are bugs that can be exposed through various machine code patterns, the compiler can centralize the restrictions of what may be executed, enforce runtime checks, or prevent certain instructions from being used at all. Security or optimization updates would affect all running programs automatically. Granted, these current speculative vulnerabilities would be much more difficult to statically detect.
But it would follow the crazy gentoo dream of having everything optimized for your environment better, allow much better compatibility across systems, and prevent entire classes of privilege escalation issues.
I just don't want to see performance being decimated as a trade off for security, if at all possible.
So... basically re-inventing Java? :)
"Raw machine code bytes" aren't distributed but occur through the privileged JVM and its just-in-time compiler, the byte-code verifier enforces restrictions on what data-access patterns and where instructions can be used, the JVM for a particular OS has optimizations for that environment, and sandboxing (while imperfect) blocks some classes of privilege escalation issues.
Don't get me wrong, I'm not saying Java is perfect or that the underlying goal isn't good, I'm just happily amused by this sense of "everything old is new again."
A privileged process (the microcode) enforces restrictions and converts it to micro-ops which execute on the real processor.
Of course, Java certainly does have some higher level weaknesses as in the introspection API kerfuffle a while back, and is too locked into its Object Obsessed design for it to be a truly general purpose object code format.