>The default value in the column generates a constraint. So, it's not WITH VALUES that is problematic. The DEFAULT value should produce a constraint (unless it was created with now deprecated syntax of bind default).

Yes, but WITH VALUES cannot be used alone as it wouldn't know which value to store in the existing records. Isn't it what DEFAULT was also used for in the way I had it? While DEFAULT can be used alone, I am not sure WITH VALUES can be used as is.