The Copy Wave functionality creates a copy, but:
This idea is about creating an exact replica of the source wave (for multiple reasons, like keeping a backup, or working on a scenario where there's a Golden Wave that is used as source for others with the same sources, etc...). Details would need to be analysed.
I can see how this could be helpful in certain situations. However, I am a little concerned about inserting a number of mappings as approved. I could see this being an auditing issue and maybe causing other problems downstream. We will brainstorm the implications of such a feature and consider adding it as an additional option on the existing wave copy page.