I think most web pages do not need such features. WebAssembly has seen lots of adoption on the websites that do, like Figma and Photoshop for design, Zoom and Meet for interactive video, Unity for games, etc. etc. But most web pages are just text, and that's fine.
Wasm was never intended to be used on every web page, just like the Video element wasn't.
Surely you mean WebCodecs rather than WebGL/WebGPU? AFAIK no encoding primitives are exposed by WebGL/WebGPU.
The advantage of shipping an encoder in WebAssembly for is that you don’t have to rely on the browser supporting the specific codec you want. e.g. Safari and Firefox don’t yet support WebCodecs at all, but do support WebAssembly.
I didn’t realize enough of the work in decoding mpeg was paralellizable enough to do on the GPU, let alone in the constrained world of WebGL, but apparently it is.
it's maybe negligible compared to the code-size bloat of web applications, but delivering large libraries over the network with only limited caching is less than ideal
Wasm was never intended to be used on every web page, just like the Video element wasn't.