It took me a while to realize the convenience of paying $30 a month to not go home or use a payphone to make calls. I guess its just a thing you have to experience, maybe its legit, maybe not.
Besides there are zero features it offers besides a mobile phone.
If I what to show off how rich I might be I'll get myself a Rolex.
I've been to Basel World before, and the "I'm rich watches" start at around 40K CHF. And they aren't even very good watches given their mechanical movements, it has nothing at all to do with functionality or features.
Besides, if price is your argument, you should look beyond Apple anyway. Their devices mostly sell by branding. There are already smartwatches that are significantly cheaper than what Apple offer, and over time, the price difference between regular watches and smart watches is going to shrink further.
Sure, watches don't last forever, but let's assume you buy a new one every ~2 years on average. Well $30/ month * 24 months = 720$ every 2 years.