Steve Waugh is no worse a captain than Ian Chappell was. They were both aggressive and both had the cattle to be aggressive.
Chappell's commentary is rubbish because his only philosophy on captaincy is be aggressive, and any captain who isn't aggressive is a bad captain according to him.
If he was the captain of a team with a poor pace attack over an extended period of time, if he used his captaincy approach he would almost certainly be a failure. Just because it worked with a great attack doesn't mean it would work with another attack.
His commentary is also to blame for a large majority of fans thinking Shane Warne would be, or is, a good captain.