It's worth noting that the wave format allows the inclusion of an unlimited amount of non audio info in the header.
You can add channel assignments, signal polarities, color and blank timings, correction tables, NFL scores and such.
Color channels do not require all 16 bits, so the low bits can hold subcode such as end of frame and unique frame marks.
Together with the extra header info, 'laser formatted' waves can be baked, unbaked, and rebaked again. There are many
left over bits for things like lumia cues, or whatever else you might want to cram in together with your synchronized audio.
Without some type of formatting, I agree that wave would not have much use beyond a means for ADAT playback.

