Spot dodges are pretty hard to deal with, it's not as simple as just waiting. Say you're dashing up to someone for a grab, but you think they might spot dodge. What are you going to do? It's all well and good if you get the read, but what if you're wrong?
Wavedash in place, right in front of them? Bad idea, the WD lag could cause your grab to not actually punish the spot dodge, or you could get hit since you're in WD recovery lag right in front of them.
Run up wavedash back? Similar problems, except now you're safer against pokes. Only problem now is: WD back momentum ****s with your dash forward momentum, so you have waste time doing something to cancel that momentum, and won't have time for a true punish.
Dash dance in front of them? But the timing of their spot dodge will be exactly when you turn around run back, increasing the time it takes to turn around again to punish.
Run through them and turn around? This option's pretty good but not against spacies, they might just shine you for free. Also you gotta be fast with that turn around and be able to down-cancel the full dash and/or pivot effectively.
Run up shield, wait? Safe against attacks and you're in position to punish right away, but what if they just shield, too? Now you're a Marth that's stuck in his shield vs another character that has better out of shield options than you.
Run up, sh aerial? The momentum will make your timing and spacing too predictable.
...
My answer? Dash-Shield-SH nair/fair that fades away. Dash-Dance empty-pivot at a safe spacing and wait. Dash, SH back, empty FF, and react. Cross-up Tomahawk. Empty SHFFL dash back pivot tipper F-smash. Dash-through full-run cancel tipper Fsmash (the JKun).
It really isn't as simple as waiting and baiting. It takes some real deliberation to delay attacks and approaches effectively, as in, in a way that is safe and actually covers options. Also, if you only wait, you're just squandering opportunities against any player that can WD back OoS.