Assuming vst3 works OK, you might want to do what I did - this could be as simple as your OLD waves installation files still hanging around and Reaper picking them up instead of the new ones.
One of my few criticisms of Waves is that they don't seem to care about how much of a mess they leave behind when updating their software, which is dumb because most other software houses clean up after themselves, so it cant be THAT hard to implement....
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