Earlier quoted context omitted.
I believe some work went on to produce a Java-running chip at one point. It proved better to compile down to whatever suited the chip best.
There have been several JVM (without the "V") created[1]. None of them really caught on other than the ARM Jazelle[2], which isn't really a JM, it is more of a JVM accelerator: it has support for direct execution of many of the JVM opcodes. After investing lots of time and money into creating a JM, the companies were chagrined to find a general purpose processor with a good JVM (especially with JIT) could run circles…
I'll propose an alternative, fix JavaScript by adding APIs like ByteArrays and shorts and a proper int to the language. Over time, JS could become an excellent IL. We can standardize on intermediate bytecode, but like all things in web adoption, it will probably be the path of least resistance that works. (Who would ever give HTML graphic, multimedia, and threading abilities?)