IMHO: totally. Asm.js developed into WASM, which is better in any aspect than PNaCl (e.g. just one disadvantage is that PNaCl was an ossified subset of LLVM bitcode, this would resulted in the same quagmire that the DX team found themselves in when they based the DXC shader compiler and HLSL bytecode (DXIL) on a snapshot of the LLVM toolchain and bitcode - in the end the only realistic way out for D3D was to switch to a SPIRV flavour).
Yeah but that has nothing to do with bytecode formats, rather the wrong decisions on how to keep up with upstream FOSS projects within commercial entities.
Also they would not have such problem, had they used their own MSIL like bytecode instead, like the Phoenix compiler toolchain from MSR that was supposed to eventually replace VC++, in a LLVM like tooling, but ended up being cancelled.