The idea would be to have a standardized-as-much-as-possible VM interface, and then your OS can implement that. New OS just needs a new implementation.
The point is protection against compatibility problems: it should be possible to run a PC game from 1982 and a video editing program from 2005, in the same way and be sure that you'll still be able to run them in another 30 years.
@foone Well, we did have Java, and Flash. Both made the mistake of object loading from the network which made them instant virus loaders. WASM is New Safer Java but dumb because it's built in a web browser.