The proper term is "Water Resistant", and it includes the rated depth -- you did that properly. My diving watch and depth guage, each rated 20 atmospheres (666 feet in salt water) are no more "waterproof" than a 10ft depth camera.
What's important is being practical. 10ft is fine for most pools or splaching in the ocean, but it's not enough for good snorkling. 33ft is better for surface diving, but it's still quite possible do dive deeper, even without SCUBA gear. For anyone diving on SCUBA, you need a conventional camera with a housing.
Also, these models may only keep their water resistance when properly maintained. Maybe its easier in the post-film era, but do oay attenation to the manual... there my be O-rings to grease from time to time.
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