Very cool. Wouldn't it be cool if someone wrote bindings for Linux system calls and provided an event loop for this engine - then you could write system software in JavaScript!
You should really think about why javascript is the de facto standard for web scripting. Other alternatives have appeared but even the likes of Google, which control the entire web stack and can pretty much dictate what the world uses, decided against it.
Technically the answer should be "yes", but given the event-driven nature of javascript and a shell script's very specialized design goals (launch processes, control the runtime environment, provide a workable REPL, etc) then it wouldn't be an improvement over any of the current shell scripting languages.
As a general-purpose scripting language... That's an entirely different matter, and the answer is definitely yes. In fact, node.js and deno already do just that.