Can you try running this with the --verbose flag? Or perhaps do a 'npm run build' from the extension folder to see if there are any build errors? Does the wasm exist in the extension 'dist' folder?
Lastly you might try updating to the latest CLI -- 'npm run shopify upgrade'
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We experienced this exact issue when setting up a Bitbucket pipeline to deploy our functions.
Going through the verbose logging we could see javy was being called using npm exec, however there was no wasm output generated in the dist directory. Logging also showed no errors except for an error similar to the original post saying there was no wasm.
Checking the javy repository, it turns out there is a requirement for glibc 2.31 or greater for running the official javy binaries on linux. Our pipeline was running in a docker container based on alpine with gcompat installed. We switched this to a debian based container which resolved our issue.