web_reg_find() does some logic based on the response sent from the server and therefore takes time. LoadRunner is aware that this is not actual time that will be perceived by the real user and therefore reports it as "wasted time" for the transaction. If you check the log for this transaction you will see something like this:
Notify: Transaction "login" ended with "Pass" status (Duration: 4.6360 Wasted Time: 0.0062).
The time the transaction took and out of that time how much time was wasted on LoadRunner internal operations.
Note that when you will open the result in Analysis the transaction times will be reported without the wasted time (i.e. Analysis will report the time as it is perceived by the real user).