If I understand your question correctly, the point is that wasm becomes the agreed-upon target, so you only need language -> wasm compilation and you can then distribute that artifact everywhere. Then you can either JIT it or recompile it into machine code at the endpoint, as an optimization.
That would help reduce the size of the graph of N languages and M architectures from O(MN) to O(M+N) (similar to the function of IR)