Nonsense. They're selling them as fast as they can make them. Perhaps it will flop, but I don't think we know that yet.
Personally, I find hands-free Siri very useful, it's a nice piece of jewelry, and I'm surprised by how much just having the time, date, calendar, weather, messages on my wrist means I don't need to look things up on a larger screen.
It doesn't do everything, it does the most common things almost instantly. Not everyone will want to pay for that, but I don't think you can call it a flop until they can keep it in stock.