Since then, you've been able to get a cheap, reliable watch for next to nothing. Quartz movement, combined with mechanization of production, ensured that. The whole industry had to adapt to making watches themselves sort of an aesthetic statement, not a practical tool to keep you from being late.
At this point, any watch costing more than $25 is itself an aesthetic piece. Part of that aesthetic is where and how it's made. There's probably a market for watches made in Antarctica because of whatever sense of taste that "story" appeals to.