JS engines (or even WASM) aren't going to be as fast at this kind of work as native machine code would be. Especially when you consider that libraries like OpenSSL have heavily tuned implementations of the SHA algorithms. Any bot solving a SHA-based challenge would be able to extract the challenge from the page and execute it using native machine code faster than any legitimate user's browser could. And if you increase the difficulty of the challenge, it's just going to punish real users running the challenge in their browser more than it would the bots.
It's also based on the assumption that proof-of-work is going to increase the cost of doing business for the bots in some way and discourage their behavior. Many of the bots I was dealing with in my case were either using cloud compute services fraudulently or were running on compromised machines of unknowing people. And they tended not to care about how long it took or how high-effort the challenge was, they were very dedicated at getting past it and continuing their malicious behavior.
There's also the risk that any challenge that's sufficiently difficult may also make the user's browser angry that a script is either going unresponsive or eating tons of CPU, which isn't much different from cryptocurrency miner behavior.