The time for PWAs was in about 1998, when WAP was a thing.
Much as I would love a universal bytecode that would allow mobile phones to achieve this, PWAs are not the route to get there. They are a mess of custom, poorly documented and ever changing layers of web bits.
Yes, web assembly exists, yes its about 75% the speed of native. and its not as easy to develop for. I also don't see why phone makers will want to make it that easy. Unless they are forced to provide parity for their APIS, it'll always be second best to native.
But, for the end users, they will look at PWAs and think: "fuck, this has got slow, and its eating my battery" you can spot the react native apps when you use them(yes, yes I know its not entirely the same)
We have been lucky on desktop/laptop that we have added 5 zeros to the available compute, memory, network and GPU capacity. This allows a browser to run slack at the same speed as MIRC, from 2002. You don't have that luxury on mobile. You are limited by battery capacity, unless we suddenly find a way to 100x battery density, it'll be like that for a while.
That being said, the work on breaking the app store dominance is welcome. 25% tax on development is taking the piss. Obviously the "point" of the walled garden was to provide security to the end user, however google fucked that right up, so now its obviously just a cash cow.
But, I want a way to side load apps, I want a second market place. I don't want fucking PWAs on my phone.