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It doesn't [0]. Someone took "Open Source Operating System" as being a long form of "Linux", it seems...

[0]: https://wiki.pine64.org/wiki/PineTime_Development

Why wouldn't it be able to? Strip back linux and it can run on almost anything. Its been running on PC's since those specs were normal for a desktop lol. The original Pentiums went as low as 60MHz and they could still run just fine.

EDIT: Looks like its not, but I still dont see why it couldn't. May not be very useful though.

Typically a lack of MMU is the blocker for microcontrollers. Although constraints on RAM and storage can also make it inpractical.

It isn't. It runs InfiniTime.