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The JVM is a great parallel example. Anyone listening to the hype in the early days based around what the JVM could be would surely be disappointed now. It isn't faster than C, it doesn't see use everywhere due to practical constraints, etc.
But you'd be hard pushed to say the JVM is a total failure. It's used by lots all round the world, and solves real problems, just not the ones we were hoping it would solve. I suspect the future of WASM looks something like that.
Now JVM's sole purpose is to solve Larry Ellison's problems, so if you're not Larry Ellison and you don't have the same problems he does, then it's a total failure caging you, but a predatory trap serving him.
None of the technical arguments for JVM matter any more. It's just bait to trick you into sticking your hand under the lawnmower and helping Larry Ellison solve his problems.