I think the argument of "anyone can figure out how it's done" is moot (as pointed out by many). But there is a significant change here: with Javascript or even

I think the argument of "anyone can figure out how it's done" is moot (as pointed out by many). But there is a significant change here: with Javascript or even ASM I can always take parts of someone's code and use it for my purposes. This means that developers are forced to think about security and business models in a specific way. With WebAssembly, we might lose that, as you pointed out. And that is a real issue.