Memes aside, I don't think that's Cover. WAR can already apply a single target damage reduction/heal/shield/regen to an ally with NF, so the only thing missing is Cover's niche damage transfer effect. I'm not sure that they would go that route.

That looks to be more like PoA, given that the WAR holds the animation until the hit lands. Wouldn't be surprising either, given that PLD regained Bulwark with the 6.3 rework to bring them in line with ToB/DMind/Camo. Expect DRK and GNB to get their magic damage only versions of PoA in 8.0.