Look at the latest Microsoft thing about embedding Python in Excel. They're going the wrong direction. What everybody wants is to be able to drive Excel from Python aka an API that people could hook into.
Even WASM is kind of ... weak ... because it has to deal with the lowest common denominator--a web page with a single thread of execution and no access to anything.
And, COM wasn't terrible--it's just that the languages attempting to support it were very underpowered at the time. COM with VB6 created a huge ecosystem that probably still isn't really matched today.