This is what I think what we saw happen when availability suddenly opened on 1/20/21 for all villas thru 12/27/21. Inventory got loaded into the system. For a brief time (like minutes, not hours or days) the rooms were available to book online. Then the waitlist went thru and quickly swept up inventory.
The people whose waitlists got filled were not walking nights. They wanted those nights and won't be dropping them in large numbers like you see with walking. They will give up those nights much closer to travel dates. December is pretty far away and members (especially those living outside of the US) have pushed their vacations out as far into 2021 as they can in the hopes that things are back to some semblance of normal by then. They're going to hold onto their reservations as long as they can while they decide about going.