CORRECTION
I have WaveLab STUDIO 6 - i.e. the studio version and on Steinberg website there is ONLY the PATCH and NOT the full installer, while there is one for WaveLab 6!
Therefore the version that installed and was not accepting or finding license was the wrong installer!
Is Steinberg doing it on purpose?
There is NO installer on Download page for WaveLab Studio 6, ONLY a patch.
Therefore I am now officially stuck.