Absolutely. I'm not railing against WASM. WASM just has better marketing and tooling than straight Javascript.
Putting a VM into our browsers, along with sufficient API support to make that VM useful, is what spells the eventual end of the document-based web. I think that future arrived a few years ago and it's just not evenly distributed yet.
That sounds like the worst future possible. I love the fact that I can go to any web page and look at all of the HTML, CSS, JS (even if I need to use a tool to un-obfuscate it). Have you never wondered how someone did something and then looked at their code to find out how they did it? I love being able to use curl and wget to grab a web page. How would that work in a non document-based web? I really think this would be a terrible thing if it actually came to fruition. I truly hope I'm retired or dead before it occurs.