Over the years many people have hypothesized that once WASM was really mature, it would become practical to fix the issues with web browser layout by sending down custom layout machines to users.
I would find it hilarious if LaTeX turned into a leader in that space. I doubt it could hold on to that. There's a lot of things that something designed from the beginning for web-like uses could probably improve on that would be capable of overcoming LaTeX. But I could see a world where it carves out a niche and holds on to that niche for a long period of time.
I added DVI support to NCSA Mosaic back in 1993-94, believing it to be a better format for "rich" documents than HTML or PDF.
Nobody else seemed convinced :(
Hard to imagine anything worse than LaTeX for web layout. Imagine resizing a page and waiting for the re-compilation of the whole page.
Running layout in WASM is already practical. A good demo is https://www.nicbarker.com/clay
The things you can't do are things like expose an accessibility tree (without a dummy DOM), interact with the system IME, and access system fonts.