By default, text is already automatically positioned above the watermark. You have to deliberately move your text down to the very bottom with little padding before the watermark will cover it. If you mess it up just click "change settings" and you can fix it in a couple seconds.
People do frequently mess this up though so we do need to make it more foolproof. We can't simply put the watermark behind your text though, since then people would cover it up to avoid having a watermark.