Are you seriously arguing against event loops as a category? Blocking in non-blocking code is going to be an issue whether the language is C or JavaScript (duh).
Some features would become unusable, like Promises and async/await, but those would be worthless in such a design anyway.
As much as I'd like to see it, your JS without an event loop is a purely theoretical construct so far.
I wouldn't implement it for the HTTP server/backend use case, because I find the blocking/share nothing architecture of PHP limiting.
The point is the language doesn't prevent this kind of architecture.