You're asking for unified, standardized, cross-vendor hardware + instruction sets.
Why not do this other way around though? "Compile" JS to WASM, then to x86/x64. Finally just execute on the bare metal.
I'm sure you could compile WASM into Japanese or French if you had to. Maybe then, our French-native CPUs would finally be able to process "sudo fais moi un sandwich". My point being, you're asking a very broad, very theoretical question.
Are CPUs these days not performing well enough for most applications? If so, is it necessarily due to the complex instruction sets powering those platforms?
int_19h is not asking a very broad, theoretical question so much as that it is a difficult question to answer, requiring specific technical know-how about CPUs and compiler design.
Saying that one can compile WASM into Japanese or French is not an answer to "is x86/x64 (or ARM) an ideal target architecture for WASM", so irrelevant.
Whether or not "CPUs these days [are] not performing well enough for most applications" is not relevant for answering GPs question. It's a justification for you not to have to answer his question. But ultimately, whether or not there would be a point to targeting WASM in the hardware is unrelated to whether it is possible, and what the limitations are. Also: did most websites need the performance of V8 when it came out? No, because no website used JavaScript intensely due to its slow performance.
I guess a very tiny microcontroller could be a use case, where it's a good tradeoff to save some memory (=cost) by eliding the JIT even if execution is slow. Even then you could just replace this with offine binary translation.