This exact scenario has happened to me on three occasions. I, too, store the licenses on the local drive. There would appear to be some lingering bugs with the new licensing option.
Fortunately, I was able to restore the licenses fairly easily because my DAW is connected to the internet. Had that not been the case, it would have been an even more aggravating experience.
Those episodes were enough to make me swear off Waves products for good. I'll not be buying any more of them.
OK, maybe just Renaissance Bass, but then I'm through!