LLVM is a huge and bloated ecosystem (it has tons of tools and millions of LoC), also the code base itself is pretty old or rather the project has his age, so there's a lot of legacy code, other aspect is that is hard to try new/radical things because how big the project itself is.
(years pass...)
Y is too bloated! We need Z...
It's different when you're a wasm VM that receives big chunk of wasm that contains many source files, and you get it all at once. And for that reason pretty much every wasm compiler parallelizes codegen: Cranelift as you said, and also V8, SpiderMonkey, JSC, and not just VMs but also optimizers like Binaryen. It's a crucial part of their design.
For LLVM, the right design may be what it has today: single-core codegen. (LTO is the main issue there, but that's what thin LTO is for.)