He's just not very good IMO. He's technically 5-1 in the UFC, but that doesn't tell the whole story. Vanderaa and Sherman were both awful fighters who accomplished nothing in the UFC and Acosta arguably lost to the former. Brzeski is another awful fighter who was served up as a showcase for Waldo. Arlovski is so old he should be drawing Social Security checks, yet he also managed to take Waldo to a razor-thin Decision. With Robelis they found the one dude who knows even less about being a well-rounded fighter than Waldo himself and had very little experience in MMA and Waldo exploited it; Despaigne has since rage-quit the sport. Spann (always a flawed fighter) was coming from a rough go of things at 205 where he took a lot of damage and was new to the weight class, though I will give Waldo credit in that at least this is a dude who was ranked in an ostensibly more talented division.
But then there's de Lima. de Lima is the one guy who recognized early on how limited Waldo is and wrote the book on how to beat him. I'm just amazed no one else has copied his homework: kick the dude's legs, introduce the threat of the takedown, and don't hang out in the pocket and let him tee off on you. Marcos outhustled him pretty badly and showed just how lacking his skill set is. I think a lot of Heavyweights have the ability to do the same. Waldo has fast hands and some pop in his shots, but his footwork & shot selection are inconsistent and he has no other facets to his game. Totally fails to pick up on kicks and his grappling is very much a work-in-progress.
I suspect Spivak will outgrapple him pretty badly (especially because Spivak's offensive boxing to set it up is underrated), but Sergey's chin is questionable and Waldo -- to his credit -- has survived underneath grapplers before even after they were able to take him down and hold him down.