CLI error: abort(RangeError: WebAssembly.instantiate(): Out of memory: wasm memory)

Describe the bug

For whatever command and image I run through cli, I always get

- (node:41120) MaxListenersExceededWarning: Possible EventEmitter memory leak detected. 25 unpipe listeners added to [WriteStream]. Use emitter.setMaxListeners() to increase limit
(Use `node --trace-warnings ...` to show where the warning was created)
(node:41120) MaxListenersExceededWarning: Possible EventEmitter memory leak detected. 25 error listeners added to [WriteStream]. Use emitter.setMaxListeners() to increase limit
(node:41120) MaxListenersExceededWarning: Possible EventEmitter memory leak detected. 25 close listeners added to [WriteStream]. Use emitter.setMaxListeners() to increase limit
(node:41120) MaxListenersExceededWarning: Possible EventEmitter memory leak detected. 25 finish listeners added to [WriteStream]. Use emitter.setMaxListeners() to increase limit
0/1 \ ▐▨▨▨▨▨╌╌╌╌╌▌ Encoding (24 threads)
 text-split.png: 462.15KBfailed to asynchronously prepare wasm: RangeError: WebAssembly.instantiate(): Out of memory: wasm memory
node:internal/process/promises:227
          triggerUncaughtException(err, true /* fromPromise */);
          ^

[UnhandledPromiseRejection: This error originated either by throwing inside of an async function without a catch block, or by rejecting a promise which was not handled with .catch(). The promise rejected with the reason "abort(RangeError: WebAssembly.instantiate(): Out of memory: wasm memory). Build with -s ASSERTIONS=1 for more info.".] {
  code: 'ERR_UNHANDLED_REJECTION'
}

Version:

• OS w/ version: Windows 10 and WSL 1 Ubuntu 18.04
• Node version: 15.6.0
• npm version: 7.4.0

[johnnyreilly]

I also encounter this on Ubuntu 20. A little more context; I was using https://github.com/webpack-contrib/image-minimizer-webpack-plugin with these options:

const ImageMinimizerPlugin = require("image-minimizer-webpack-plugin");

module.exports = {
  module: {
    rules: [
      // You need this, if you are using `import file from "file.ext"`, for `new URL(...)` syntax you don't need it
      {
        test: /\.(jpe?g|png)$/i,
        type: "asset",
      },
    ],
  },
  optimization: {
    minimizer: [
      new ImageMinimizerPlugin({
        minimizer: {
          implementation: ImageMinimizerPlugin.squooshMinify,
          options: {
            encodeOptions: {
              mozjpeg: {
                // That setting might be close to lossless, but it’s not guaranteed
                // https://github.com/GoogleChromeLabs/squoosh/issues/85
                quality: 100,
              },
              webp: {
                lossless: 1,
              },
              avif: {
                // https://github.com/GoogleChromeLabs/squoosh/blob/dev/codecs/avif/enc/README.md
                cqLevel: 0,
              },
            },
          },
        },
      }),
    ],
  },
};

The error encountered was:

failed to asynchronously prepare wasm: RangeError: WebAssembly.instantiate(): Out of memory: wasm memory
failed to asynchronously prepare wasm: RangeError: WebAssembly.instantiate(): Out of memory: wasm memory

node:internal/event_target:777
  process.nextTick(() => { throw err; });
                           ^
Error [RuntimeError]: abort(RangeError: WebAssembly.instantiate(): Out of memory: wasm memory). Build with -s ASSERTIONS=1 for more info.
    at abort (/home/john/code/github/blog.johnnyreilly.com/blog-website/node_modules/@squoosh/lib/build/index.js:28:9428)
    at /home/john/code/github/blog.johnnyreilly.com/blog-website/node_modules/@squoosh/lib/build/index.js:28:11293
Emitted 'error' event on Worker instance at:

[JalinWang]

Do these warnings matter?

Win10 21H1 node v14.18.0