Earlier quoted context omitted.
If it is a mistake depends on the point of view. What seems to be more important: exceptions of tail-call elimination? Most modern languages use exceptions in one way or another, conversely very few use the later feature. From the point of view of existing software it is way more important to optimize VMs for exception handling than for tail call elimination.
Well wasm doesn't have exceptions right now either! The exceptions proposal is also in phase 3, like tail-calls. Right now wasm just supports traps, which can't be caught or inspected from within wasm code, and don't actually need to record stack frames (but the JavaScript host does in web browsers). I'm not sure what benefit exposing the wasm part of the stack for traps gives the JavaScript host side except perhaps…
Actually I wonder if one couldn't adapt the tail-call mechanism slightly to also serve as an exception mechanism. I think you could do both by allowing `br` to jump to an arbitrary label previously established. An exception then simply being a "tail-call" that unwinds more than one stack frame, and calls into the "catch".
Not sure how well JITable this would be, but I think an arbitrary backjump and call should be mostly fine in terms of control flow?