There are several flavours of the New-VM cmdlet, each with it's own parameterset.
You can see these with
Get-Command New-VM -Syntax
This results in
In your example you are cloning an existing VM, with that option you can use an OSCustimzationSpec, but not a NetworkName.
You can pipe the result of the New-VM like this
New-VM -VM wamuatapp1 -ResourcePool cc-vb1-vmware -Name testapp1 -OSCustomizationSpec Wam `
-Location 'Discovered virtual machine' -Confirm:$False -VMHost cc-vb1-esx01.lwc.local `
-Datastore VB1_XtremIO_Datastore5 |
Get-NetworkAdapter | Set-NetworkAdapter -NetworkName 'VM DHCP'
PS: I'm not sure why you have the ':' at the end of each parameter, but that is not needed, except for a Switch parameter.