As others have said - it has one of the three state universities. So, college sports - their basketball and football teams have had good success. Also a triple A baseball team I think, and ice hockey as well..
I was in Dubuque briefly as a kid in the early 70s, and then Bellevue about 20 miles south (now THAT'S a small town). Not great times for the US (inflation) or that area due to reliance on manufacturing. For a long time, Dubuque was a post-industrial shithole. But, they've done a LOT of revitalization. I assume the same is true in Waterloo.
I have lived in Dubuque, Bellevue, Iowa City, and Des Moines.
There will be tons of local events - there will be several things every weekend. More so in the summer, but really all year round. Lots of green space, trails, woods, etc.
If you are interested in politics - having the first in the nation caucus gets us tons of access to presidential candidates (too much sometimes).
What is it you want in a community? What do you NOT want?