That’s not true at all. There have always been a lot of reasons to wear a watch that have nothing to do with getting the time. Cheap movements expanded the market to the low-end, but didn’t really change the reasons that people buy watches.

Fundamentally, watches are jewelry. That’s been true forever, but it also isn’t something that can be reduced to “aesthetics” alone (for example, people pay handsome premiums for better mechanical movements, even though it has no impact on the look of a watch. The idea of wearing a well-crafted, tiny mechanical device is itself an attractive prospect.)

It’s the equivalent of people who talk about Windows machines being “better deals” than Apple machines. After all, they both flip bits, right? If all you do is fixate on the function, everything becomes a commodity.