Nowadays CPU's often have a bunch of these things anyways and you'll hear that all CPU's sort of resemble SoCs. They also tend to have auxillary, lower-power processors that manage power and other things for the main processor.
http://ww1.microchip.com/downloads/en/devicedoc/doc32000.pdf
3. Java Extension Module
The AVR32 architecture can optionally support execution of Java bytecodes by including a JavaExtension Module (JEM).
This support is included with minimal hardware overhead.
EDIT: Not by implementing the ISA verbatim, but still neat thoughLow-horsepower platforms are probably the best place to give it a go, as they may struggle to run a respectable JIT compiler, but as you say, Jazelle didn't catch on.
The HotSpot JIT is an impressive feat of compiler engineering. The advanced optimisations it performs cannot practically be performed in hardware.
Modern CPUs are capable of, for instance, loop-detection, but they haven't put optimising compilers out of a job, and never will.
Jazelle would add no value on a modern ARM server, for instance. You'd get far better performance out of HotSpot, or some other modern JVM.