I'm not sure about you, but I generally think of Wite Out before I think correction fluid. It's one of those brand names that's somehow seeped into our everyday vernacular, like Kleenex and Chapstick.
Back in the early typewriter days, there were very few ways to correct a document with a typo on it; usually the answer was just to toss it and start over. Inventors started by creating special typewriter erasers, complete with eraser shields to protect the type around the mistake. Then erasable bond paper allowed typos to be erased by a regular pencil eraser, but the coating also made any ink easily smudged. Then came correction fluid, and later on, correction tape built right into the typewriter, which used a sticky substance to pull the ink powder right back out of the paper.