I don't think that's true. It was designed for its purpose by people that knew what they were doing based on experience gathered from implementing previous incremental steps including emscripten's original JavaScript output and asm.js (a formalization of some techniques emscripten employed). The design rationale is right there in the spec repository: https://github.com/WebAssembly/design/blob/master/Rationale....

It was built to be a better target than asm.js for compiled languages to run in JavaScript VMs and it seems to have succeeded on that front. That it's not a perfect fully-general bytecode format doesn't seem like a real knock against it, that's a much harder problem to solve. In any event it seems to be getting a lot more traction than any previous entries in the space, which is exciting!