Webassembly is a small stack machine based on an open standard.
It is built bottom up, with a very small core. Additional features like SIMD, garbage collection,posix style system interfaces (WASI), linking, garbage collection,... are built as optional extensions based on real world feedback.
There already are a multitude of different implementations. (the three browsers, the Wasm3 interpreter, wasmtime, Wasmer, ... )
Java, in contrast, was and is a huge runtime , not based on a standard, and has extremely complex semantics, many of them tied to a single language model.
Wasm is already seeing adoption across a wide range of domains.
I do believe the potential for WASM to succeed where Java failed is wide open.