While Al can surely be indecisive and finicky, and slow to finish stuff, and while I'm sure that was the initial deal behind "Waves of Love", I don't think that's what's driving the 500 versions of the song at this point.
I think we can firmly call this milking the same thing over and over (no "Jenny Clover" pun intended) to generate "content" at this point. Remember, he has also (I'm not kidding) discussed doing a "Jenny Clover 2.0" mix as well.
I don't know why Al has an aversion to working on *something* else, *anything* else. I promise you, he *does* have other tracks in his vaults (to say nothing of BRI vaults) that nobody has heard that he could work on.
It's just a drag that Al has an amazing studio at his disposal, but doesn't seem to take much advantage of it. It would seem the desire is there to put out new content, maybe Al just hasn't found a creative spark to get him to hole up in his studio and write/record a bunch of new material to be released. Maybe that'll change.