I can easily imagine a "platform" WASM module which acts as a runtime for other WASM modules built by "app" developers. This Platform module can be easily cached by FAANG or other big commercial interests, similar to AMP by Google (maybe even be pre-bundled into the browser?). The only way to discover, download and run these other apps is through this curated Platform module. All this could be rendered through something like the Canvas API instead of the DOM, which again is managed on a low level by the Platform and in turn exposes higher level API's for the Apps. The Platform also has built in support for Ad networks, tracking, etc., which cannot be disabled without disabling the whole ecosystem of apps. And of course, like any good play/app store, it is completely incompatible with anything else, leading to new levels of Balkanization of the web.
I hope that this isn't the case, and I'm completely wrong about this. But I just can't shake the feeling that as a community, we are championing WebAssembly as purely a performance win, without considering how big commercial interests might seek to exploit this new technology.
Edit: typo with AMP