Watermarking is becoming the default mechanism for AI content authentication, with governance policies and frameworks referencing it as infrastructure for content provenance. Yet across text, image, and audio modalities, watermark signal strength, detectability, and robustness depend on statistical properties of the content itself, properties that vary systematically across languages, cultural visual traditions, and demographic groups. We examine how this content dependence creates modality-specific pathways to bias. Reviewing the major watermarking benchmarks across modalities, we find that, with one exception, none report performance across languages, cultural content types, or population groups. To address this, we propose three concrete evaluation dimensions for pluralistic watermark benchmarking: cross-lingual detection parity, culturally diverse content coverage, and demographic disaggregation of detection metrics. We argue that watermarking is part of the pluralistic alignment pipeline and should be held to the same evaluation standards. We connect this to governance frameworks currently mandating watermarking deployment without requiring fairness evaluation. Our position is that evaluation must precede deployment, and that the same bias auditing requirements applied to AI models should extend to the verification layer.