On the client side, there's just a verifier, and then the runtime basically consists of branching to the first instruction and having at it. Near-native performance and instant startup, you can't do better than that.
PNaCL was proto-WebAssembly and suffering from the same issues. They actually shipped LLVM bytecode, and you had to compile the executable locally with the whole toolchain, leading to quite bad startup performance and a lot of baggage.
Turns out there's no such thing as portable VM assembly. You still have to ship a full compiler (well, JIT) and compile the WASM IR.
Browser vendors have spent uncountable amount of engineering resources on making yet another compiler (actually multiple, since afaik Chrome uses a tiered JIT for WASM), that's neither as good as the big boys, and neither as fast as just running the dang binary.