> I don't understand WASM, but I read that a big draw of WASM is it's ability to provide portability to any language. This would mean Python libraries that depend on an unpopular C library (which could be lost to time) could instead be a single WASM blob.

Yes, this is a key value of WebAssembly compared to other approaches, it is a relatively (compared to a container or a full blown VM) lightweight way to package and distribute functionality from other languages, with high performance and fast startup. The artifact is minimal (like a static/dynamic library, depending on how much you've included), and if your language has a way to run WASM, you have a way to tap into that specialized computation.