Waterman announced himself as a star forward of the competition in 2024 following an outstanding return of 53.23 in a struggling side.
The 28-year-old followed it up with 17.9 last year before suffering a season-ending shoulder injury in round 11.
But Waterman's noted goalkicking accuracy has totally deserted him this year, to the point where he is now resorting to snap set shots whenever possible.
Waterman has 28.34 to his name this season, with his drop-punt ball-drops getting progressively worse by the week.
The key forward was visibly frustrated with himself at times in Saturday night's six-point loss to Port Adelaide, especially after he dropped a simple mark in the goal square in the second quarter.
When Waterman nailed a set shot moments later - with an ugly-looking helicopter kick - he simply shook his head in frustration.
"Yeah, he's going through it, isn't he? I think we can all see that," McQualter said.
"But what I love is that Jake just never stops competing.
"You might see some players having the challenges Jake's having stop flying for the ball or stop wanting the moment, but that's just not him.
"And I'm certain it will turn for him. He's doing the work. I know it's frustrating, definitely for him, and all of us.
"But I love the way he competes, and he's leading our forward line really well."
Waterman still ended with three goals and 11 marks from 19 disposals against Port Adelaide, with his leadership in attack proving crucial for the likes of Jobe Shanahan.
The Eagles will be aiming to bounce back from their loss to Port when they take on North Melbourne at Optus Stadium on Saturday.
The Kangaroos copped a 124-point thumping at the hands of Fremantle in Bunbury on the weekend, and are expected to come out firing against West Coast.
The Eagles will be without star defender Reuben Ginbey, who tore his quad against Port Adelaide.
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