Waterloo is most widely known as the location where Napoleon was defeated after his rise to power in the early 1800's. Appropriately, the battle that was fought here is called the "Battle of Waterloo" by historians and students alike. Before the Battle of Waterloo, the city was most widely known for being a safe haven for weary travelers to rest wthout fear of being robbed. It was a common stop along many a merchant's trade route for this reason. Before 1796, Waterloo was divided into two sections of land, the land known as Grand-Waterloo, and the land known as Petit-Waterloo. In 1796 these two sides were reconciled to be known as Waterloo, and in the process gained additional nearby land while under the rule of the French Empire. 

On June 18th, 1815 the Battle of Waterloo was fought, and Napoleon was brought to his knees. This battle, because of its significance in Napoleon's defeat, is mentioned in history books of the modern day student. Since that battle, no large or noteworthy things have happened there--though it currently houses the European Mastercard Headquarters. Most people who hear of Waterloo think of one of two things, either the Battle of Waterloo, or the ABBA song "Waterloo", which was featured in a popular 2018 film, "Mamma Mia Here We Go Again!". Even the song talks of Waterloo in context of the Battle of Waterloo, rather than any of the trade that happened there beforehand. 

Waterloo is well and truly known as the place of the fall of Napoleon, nothing more, nothing less.