I get the impression WASM is really a very clunky representation, far from what any greenfield project would ever have arrived at. That is to say, its decisions aren't just tradeoffs that people disagree about, they're simply inappropriate for what it's trying to do. More than once I've encountered comments and blog-posts lamenting its fundamentals, e.g. [0].
[0] http://troubles.md/wasm-is-not-a-stack-machine/