Banding in waveform monitor What does it mean if my Lumetri Scopes in Premiere Pro look like this? 

There is some kind of "banding" in it. Does it happen when you color grade 8-bit footage?
The "banding" you are seeing is the levels of the three channels that make up a video signal. It isn't an 8-bit artifact. In the upper left and bottom scopes, the white/grey trace is the luminance channel and the others are the color difference channels. In the histogram in the upper right, you are seeing the white and RGB values.

You can switch between different scope configurations.