Similar issues
I just sent back a GBC Arctic Titan which was producing similar results. After a few days of thinking that I was setting it up wrong and a few grand in wasted materials, I found that the rollers were not gripping evenly. I used a flash light and to see if there were any visible gaps. On the left side, no light was visible through the rollers, on the right side, the light was visible even on its highest pressure setting.
These laminators don't let you adjust the pressure on one side (which is normally a good thing) so I sent it back.
I would set it up correctly and I would start going through but after 3-4 feet wrinkles, waves etc started appearing.
I would start with the assumption that the problem is with the machine or the material first. This way, you won't waste a lot of money in destroyed materials while you figure it out. If the machine is fine and the material is suitable for laminating, then move onto user error.
This type of issue can also be cause by uneven tension on the top or bottom rolls, too much tension in one or both, or too little tension. It can also be caused by loading the material at an angle instead of straight, using different sized top and bottom material, having too much pressure on the rollers or laminating dissimilar substrates where the difference in thickness is too great.
Also, if the laminate is rolled too loosely on its tube, then it can get pulled in unevenly and.....
In my experience (which I'll admit is limited), any of the above issues can cause those waves but it is most likely to be something that drags the print to one side (like uneven roller pressure).
As the other member said, roll laminating is a real PIA and just about any mistake can ruin your material. I find that some laminates are less forgiving that others. Specifically, thin laminates that have a thick release liner, are almost impossible to use on some cheaper machines.
I am sure that I used to have more hair before I started laminating!