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Very funny but yes, my 2020 Defender X has this waviness down there
It's from the way the clips hold the painted trim.
It annoyed me when I noticed it... but it's on most of them. If not all of them.
I wasn't sure if it was there from new, or if car washes made it worse. But mine looks exactly like that. The ones with the matte plastic trim aren't noticeable.
I can confirm as other commenters have that it is from the clips that hold it on. However, I think the gloss black paint on the lower trim may be lower quality than the other paint as after some ‘light’ off-roading it has sort of marked. May just need a polish though.