The Puebla, Mexico holiday Cinco De Mayo isn’t a widespread holiday in the traditional sense though across the United States the holiday has become synonymous with street festivals, Mexican food and drinks. It has also been the locus of controversial (intentional and unintentional) cultural stereotypes a la misinterpretations of coffee grower Juan Valdez (who was Colombian), mariachi and other Latin-centric heritage.
The real holiday in Puebla celebrates a military victory over the French on May 5, 1862. It is not recognized as a public holiday in Mexico.
The fact is, in the U.S., some resent the commercialization of the holiday and Latin communities are stepping up to take control of how the day is celebrated since it has become widespread. Even as the Mexican community steps up to give the celebrations some structure, restaurants, cities, etc. find the holiday one that draws people in.
Here are some of the local celebrations (both of the Latin community and those in other venues):