What if web browsers included graalvm as an alternative to WebAssembly?
You'd lose a lot and I'm not sure what you gain. Sans a few niggles here and there, WASM is pretty great for the web. It's small, lightweight, sandboxed, verifiable, fast to JIT, has fallbacks to ASM.js/stock JS, mostly easy to compile to, simple to build tooling for, etc.
In economic terms, it would mean making accesible to the web millions of libraries which have a human/hours development cost of hundreds of billions of dollars.