It could be done but it likely wouldn't perform well or be very useful (because the software surrounding the application also needs to exist.) The IR notably ha

It could be done but it likely wouldn't perform well or be very useful (because the software surrounding the application also needs to exist.) The IR notably has a lot of indirections in the way e.g. function calls are represented (indirect call through a table which then refers to the module it needs to call), it's stack based, stuff like that. Realistically speaking you are just better off targeting a compiler to whatever instruction set you have, because writing a (basic) compiler isn't too difficult. You can even just use wasm2c and then run a C compiler on it, assuming one exists for your target...