For some values of large?
>Apple now sells more watches than the entire Swiss watch industry
https://www.theverge.com/2020/2/5/21125565/apple-watch-sales...
Of course the expectation was that the Apple Watch should be just as popular as the iPhone and transcend the watch industry completely. Wearables would be the next utterly indispensable technology, maybe even threatening the phone itself. In comparison, 'merely' dominating the existing watch industry and gobbling large chunks of the fitness tracker market seems underwhelming.
I was and still am. As I said, most people I know don't wear a watch, myself included. It was the same in 2014 and 2015.
Apple's watch was their usual polished refinement of existing, mainly Chinese, SIM-equipped smartwatch designs. They didn't invent a market segment out of a vacuum.