There are still "wasted" votes under MMP.
Depending on the threshold to get into parliament; here in NZ it is 5%. So any party that fails to win either an electorate seat or get to 5%; those that voted for that part are not represented.
I would like to see the threshold dropped to around 2 - 2.5%, with the "natural" limit being ~0.83% (120 seats). We still want to limit the power of the conspiricy theory parties.
STV is a much better system, I like the ranked choice type systems, they are not that complex, which is often a criticism.
e.g. rank these ice creams in order of preference
- Chocolate
- Vanilla
- Strawberry
- Mint
- Bubble Gum
- I'm lactose intolerant you insensitive clod