I bet the existing AOT compilers for Java and .NET are able to produce much better optimized code than any available WASM implementations.
At least with WASM if it takes off, it can at least path the way for a more better and more appropriate (LLVM, AoT CLR, etc) universal machine code later down the line. That’ll never happen if we’re chained to JS though.
As for LLVM as the underlying target for machine code, it is already a thing, nothing new here.
I don't know why you think the situation would improve with WASM.