Waze is owned by Google. They bought it in 2014 (someone please correct the year, if I’m wrong). It’s not FOSS.
Waze was amazing. Sadly, a lot of features have been removed over the years, in an attempt to shift people from Waze to Google Maps. Waze in 2016 was better than the current version.
Most of the improvements seen for navigation in google maps (over the past decade) is due to them pulling the information and replicating a lot of features from Waze.