I don't think anyone doubts that the JVM is an astounding and amazing piece of tech. But what is in doubt is whether we need such a thing in the first place.
Most new languages (Rust, Nim, Zig, etc) advertise their native code generation prominently. People are tired of the shitty start-up times, inscrutable performance profile, and ginormous memory usage.
Even Oracle realizes this, with the recent push towards GraalVM.
And I say this as someone who would probably choose the JVM, Scala specifically, for any new SaaS project.
I personally haven't really used any desktop JVM app that I was happy with. If Intellij was native, I'm sure it would be 10x better, at least performance-wise.