I could be wrong as I haven't dug into the waf docs too too much, but I think the major difference between waf and Buck is the ability to handle dependency management between various projects in a large org.
The documentation and examples for waf seem to be around building one project, in one language, with an output of statistics and test results. I am sure this is a simplification for education and documentation purposes, but it does leave a vague area around "what if I have more than 1 or 2 build targets + 5 libs + 2 apps + 3 interdependent helper libraries?"
Buck seems to be different in that it does everything waf does but also has clear `dep` files to map dependencies between various libraries within a large repository with many, many different languages and build environments.
The key thing here being, I suspect that within Meta's giant repositories of various projects, they have a tight inter-linking between all these libraries and wanted build tooling that could not only build everything, but be able to map the dependency trees between everything as well.
Pair that with a bunch of consolidated release mapping between the disparate projects and their various links and you have a reason why someone would likely choose Buck over waf purely from a requirements side.
As for another reason they likely chose Buck over waf. It would appear that waf is a capable, but lesser known project in the wider dev community. I say this because when I look into waf, I mostly see it compared against CMake. Its mental state resides mostly in the minds of C++ devs. Either because of NIHS (not invented here syndrome) or fear that the project wouldn't be maintained over time, Meta may have decided to just roll their own tooling. They seem to be really big on the whole "being the SDK of the internet" as of late. I could see them not wanting to support an independent BSD licensed library they don't have complete control over.
These are just my thoughts, I could be completely wrong about everything I've said, but they're my best insights into why they likely didn't consider waf for this.