There are a lot of problems with D-Bus, but that it wasn't using JSON wasn't one of them.
The tooling for D-Bus is terrible. It has composite types but they are very primitive, e.g. you can't name fields in a structure without extensions (there's like three different extensions for this.) A lot of the code generators can't actually handle real-world schemas.
Now I understand that D-Bus itself is also a problem (as in, the protocol design beyond serialization) but varlink looks like a very solid step backwards. In any single individual use case JSON serialization is unlikely to be a huge bottleneck, but in practice if this will be used for all kinds of things it will add up.
I really wish the Linux desktop would coalesce around something like Cap'n'proto for serialization.
P.S.: It'd probably be possible to shoehorn in multiple formats but I think that's a mistake too. Something like capnp will have a strong impedance mismatch with JSON; mixing formats with different degrees of self-describability is unwise. But then formats like MsgPack and BSON which are direct JSON analogues miss out on the best benefits of using binary serialization formats, which makes them almost the worst of both worlds, and you'd probably be better off with using a highly-optimized JSON library like simdjson.