GraalVM will Not succeed, because every language needs Tour be reimplemented in graal, in wasm every language just needs a wasm Target.
Also Java is really slow Boy adding a wasm Target. Most languages have a way to run on a wasm engine.
It's not useless, it's just a lower layer in the stack. Decoupling high-level managed runtimes from underlying low-level bytecode makes a lot of sense. Delivery is another question, and we'll probably solve that by caching common runtimes.