It's much faster to execute than adding a software bounds-check on every load. (Because the module declares its memories explicitly, it's very easy for a runtime to use a zero-cost strategy to enforce that memory loads/stores are all in-bounds.)
But Wasm's safety is more than bounds-checking memory loads/stores. E.g., Wasm indirect function calls are safe, including cross-module function calls for modules compiled separately, because there's a runtime type check (which wasm2c does very efficiently, but not zero-cost).
And, Wasm modules are provably isolated (their only access outside the module is via explicit imports). Whereas if you wanted that from "normal C code," it's a lot harder -- at some point you'll have to scan something (the source? the object file?) to enforce isolation and make sure it's not, e.g., jumping to an arbitrary address or making a random syscall. There's obviously a huge amount of good work on SFI but it's not easy to do either on "normal C code" or on arbitrary x86-64 machine code.