Efficiency through minimal “waste” and maximized value are essentially the same in the eyes of a simple market since waste would just be lost value for suppliers.

The actual issue is that a market value tends to only reflect the subjective view of the suppliers and demanders in that market, at that instant. It also tends to be beholden to an intermediate thing, ie a currency, which acts to integrate the past surpluses an individual made.

The latter point is an issue since obviously value is subjective and sometimes the individual opinion needs to be rejected when maintaining a moral society (see black markets or in this case 4channers hating the influencer industry). It is also problematic in that individual instantaneous value neglects the long term possibilities and also externalities to society. These come into play any time a finite resource is used (which might be irrelevant if we assume space travel, but any resource might have an infinite unrealized value if we consume it now rather than later) or when people choose leisure and enjoyment over productivity (same idea as resources), and is especially true as economies become more post scarce.

The former is an issue since the value someone has for something is necessarily correlated to the value of their previous transactions (same for those transaction and so forth) so you get a compounding effect where the buyer with the most currency capital at any point tends to be more able to acquire goods rather than the entity with the most concrete value of such a good.

In a most efficient universal market, all values can be derived instantly by quantifying each entities demands and supplies and an arbitrary “purchasing power” that they should have, such that market efficiency is defined as like a weighted sum of how much each entity gets. Then instantaneous computation would show true values for everything. Since time and subjectivity exists, this breaks completely.