Earlier quoted context omitted.
Could you plausibly make it a URL where the code in the URL is assembled and run using webassembly?
The point is to not rely on a server to host anything though. That the QR contains the data itself, not just a URL pointing to the data. Otherwise it is no different from any other QR code that has a URL in it.
You could probably use a data: URL to avoid needing a server at all, but if not, the server would just provide a launcher and not host the application code.