VBScript, the syntax is aesthetically less pleasing, but there is no reason why it couldn't do anything that JavaScript can do, if more verbosely. (Of course, the semantics are inferior as well, but if VBScript had taken off, its semantics would likely have been improved at some point.)
Until, US anti-trust investigation and law suit against MS. Which hampered MS enough to open the web business to smaller competitors, like Google, Apple, etc.
The fact that Apple now completely owns iOS and is gatekeeper to mobile app store is ironic. And, Google owns online ad services and is gatekeeper to online ad space is also ironic.
https://thisdayintechhistory.com/05/26/bill-gates-internet-t...
to all the material discovered during US v. Microsoft, we know MS's plan was exactly what you said, after killing Netscape to avoid it becoming the new cross-OS runtime for apps.
Good point about MS leaving the Web fallow, which missed big opportunities Google and Apple (iPhone original app model was Web-only; native came almost a year later for games and for want of WebAssembly :-/).