In the theory of of modular forms, there is the set of of cusps defined by $\mathbb{P}^1 (\mathbb{Q})= \mathbb{Q} \cup \{\infty\}$. For an subgroup $\Gamma < \text{SL}_2(\mathbb{Z})$ of finite index, we call $\Gamma\backslash \mathbb{P}^1 (\mathbb{Q})$ the set of cusp classes.
For example, I know that $\text{SL}_2(\mathbb{Z})/\mathbb{P}^1 (\mathbb{Q})$ consists of one element, i.e. represented by $\infty$; Modular forms which are written as Taylor series and vanish at any belonging cusp are named cusp forms.
However, what is so important of these two definitions? Do they have 'special' properties, i.e. allow a geometric interpretation of modular forms? Which are the features they provide and in which contexts of modular forms I maybe re-encounter them?
On non-compact geometric objects, even with finite total measure, functions that decay nicely on the "not compact parts" are obviously more tractable analytically. In the specific situation of "holomorphic elliptic modular forms", there is a (curious!) bifurcation between "rapidly decreasing" and "moderately growing", the former (holomorphic) cuspforms and the latter (holomorphic) Eisenstein series.
That situation is so simple in some ways, e.g., finite-dimensionality of holomorphic modular forms of a given weight, that (perhaps mercifully) analytical issues are easily overlooked.
For "waveforms", the analytical issues become more vivid, because (as Selberg demonstrated) the space of cuspforms is infinite-dimensional... and the "continuous spectrum" for the invariant Laplacian on $SL_2(\mathbb Z)\backslash\mathfrak H$ is spanned by Eisenstein series, which are not in $L^2$.
Yet, again, the space of $L^2$ automorphic forms in fact has a basis of rapidly-decreasing functions for the bulk of its discrete decomposition, namely, cuspforms (waveforms), and then a much smaller leftover part.
That is, the notion of "cuspform" (as improved and generalized, modernized, by Gelfand et al) _has_proven_ to be the correct distinction... It is not obvious a-priori, nor does the holomorphic case (dating back well into the 19th century) give clear evidence of the larger story.