There are two problems with waterfall. First, if it takes too long to implement, the world moved on and your spec didn't move. Second, there are often gaps in the spec, and you don't discover them until you try to implement it and discover that the spec doesn't specify enough.

Well, for the first problem, if an AI can generate the code in a day or a week, the world hasn't moved very much in that time. (In the future, if everything is moving at the speed of AI, that may no longer be true. For now it is.)

The second problem... if Ossature (or equivalent) warns you of gaps rather than just making stuff up, you could wind up with iterative development of the spec, with the backend code generation being the equivalent of a compiler pass. But at that point, I'm not sure it's fair to call it "waterfall". It's iterative development of the spec, but the spec is all there is - it's the "source code".