Think of Waveshell as an or a wrapper . Instead of every single Waves plugin (like CLA-76 or RVerb) being a separate VST3 file, Waves bundles groups of plugins into a single shell file named Waveshell-VST3 . Your DAW reads this single shell, which then hosts all the individual plugins you own.
If you are still using the legacy Waveshell-VST2 , it is time to switch. VST3 offers: Waveshell-vst3 - Download