For one, Waterbomb is a way for ppl to cool down during the hot Korean summer (it is typically around 32C or 90F with the humidity making it feel warmer) also bc Sprite (the main sponsor of Waterbomb) has always been the brand in Korea that has been known for it's ad campaigns that have this summer sexy feel.
For example, a main brand ambassador for Sprite for many years was AOA's Seolhyun and her ad campaigns were usually here in revealing summer outfits in the water.