The waterproof feature is made to keep the optical products sealed and protected from water or dust. Such products are suitable for marine, hunting, hiking or in extreme humidity. Even if you’re not planning on using them in this kind of situations, it is a good feature to have in case of heavy rain or dust. Waterproof optical products are typically sealed with O-rings.
All optical products that are fogproof are also waterproof because they have to be properly sealed to keep the dry gas inside. Yet not all waterproof products are also fogproof as the air inside the product is not necessarily replaced with dry nitrogen or argon.
You should be careful not to confuse waterproof with weather-resistant as they’re designed to protect only against light rain and are not fully sealed.
Slightly better waterproofing of binoculars can also be ensured with an individual eye focusing mechanism, due to less moving parts than with the central focusing system.