There is another type of washer that matches your description, commonly called a 'crinkle washer'. Its proportions are close to a standard flat washer of the same nominal size.
Searching on 'wave spring washer' brings up items with a very thin section (i.e. the ID and OD are much closer to each other than a standard flat washer). This type of washer is what you would normally see against the end of a bearing on a powertool or if you remove the end bell off a motor, hence it is quite likely that they are sized by OD. This would also explain the thin section – so it only presses against the outer race of the bearing and not onto the rubber seal.