My feelings on bite > waft are pretty simple.
I think bite is an incredible command grab, with or without waft. When you have a character with amazing aerial mobility and quick startup aerials with fair/nair, you open yourself amazing opportunities to tomahawk someone by threatening shield. Having the aerial mobility/weave ability that Wario has makes that even easier. A command grab saves you many many frames of feigning pressure while you are airborne, as you don't have to land to beat that shield, and can react to the shield immediately. With Wario's weave, getting a bite is just not that hard (not to mention its active frames I believe makes it beat spot dodges--Wario mains, correct me on this if i'm wrong).
No matter what, you are going to get great followups on bite, whether it be a tech chase, a shoulder, an awesome aerial combo/punish, a DACUS, whatever.
Let's compare bite against all of the other command grabs.
Swallow (kirby/DDD)
Ganon sideb (aerial/grounded variants)
Bowser Koopa Claw
Lucario's force palm
Ganon/Falcon upbs (if you want to count those)
Mewtwo's side b
Diddy's Side b
Yoshi's neutral b
All of those command grabs are huge commmitments and telegraphed without outs once you've started them.They all have startup, long end lag if they miss, small hitboxes that can be outright beaten by most moves. The exception that exists may be Diddy's Side b, since it leaves him slightly less helpless than the others mentioned, but the main negative point to diddy's side b is I guess, its actually a recovery option so if you hit him out of it, he is easier to gimp altogether.
Most of these command grabs have low level punishes that are assured, and higher damage punishes that are based on a read. You take ganon's side b as a good example, where side b to jab is guaranteed, but with a good enough read, you can get a Dash attack, an utilt, or even a charged smash attack/aerial combo. The opponent has a strong impact on the outcome based on DI, tech patterns, whatever.
What I don't like about Bite is that:
a. Wario's natural attributes makes bite easier to land than these other command grabs (high weave, low startup aerials in combination)
b. Wario gets bigger punishes not consistent with a (imo) reasonable risk/reward evaluation with Waft in the mix.
There's nothing wrong with the fact that Bite exists on Wario. Its actually a very clever way to give an aerially mobile character without massive hitboxes a great way to beat shield. I love the move. What i don't like is that once Waft is built up, Wario doesn't have to work for a read to use one of the strongest moves in his entire kit. He bites, you have to DI guess (which btw, is a guess. If you can't react to Shiek's 3.5 bthrow/dthrow, you DEFINITELY can't react to Wario's), and if you guess wrong, you get wafted.
In my honest opinion, I don't think any massive kills that require minimal reads should be relegated to coin flips--that is ALWAYS bad design. Normally, other strong moves that can kill out of a throw (thinking Marth's fthrow into fsmash) are highly position dependent, so you can pretty safely say your opponent will be trying to kill you close to the blastzone you are closest to. However, waft is so strong that it negates that cerebral part of the game that brings rise to reads/tells based on stage position, since Wario doesn't have to consider what side of the stage he's on once his opponent is at 70%. On any side, waft will kill a lot of opponents. Therefore, the DI against Bite is quite literally a coinflip into death, which is a scenario that presents itself 2 potentially 3 times in a match.
I know it seems to be a prevalent theme right now to say NZA salt, but when someone says something like Wario is the best designed character in the game, its anyone's prerogative to ask why, and they genuinely should be asking for clarification. At the very least, you can't say I haven't gone on length to describe why I think GnW is somewhat problematic, and now, why bite -> waft is. But that's fine, its the internet. If you want to boil it down to salt, you are welcome to. I personally think waft should either be made powerful and require a read to work properly, or it should be made weaker and have the guaranteed followups it has. I prefer a powerful metagame that maximizes interaction, and therefore, I prefer a read based powerful waft. In its current form, I personally don't think bite to waft makes much sense.
No matter which way I slice the game, I certainly don't see a world where bite to waft makes sense but Sheik's bthrowdthrow mixup doesn't.