I doubt it too, but not for this reason. My reason: it's a terrible name, one that was created out of whole cloth by the Apple rumors community as a placeholder for an Apple wearable tech product that nobody really knows anything about. It doesn't get any better or more plausible by repetition.
I agree it's a bad name and we probably won't see it, but apple did start out trademarking the name in the countries they could.
http://www.bnamericas.com/news/technology/apple-requests-iwatch-trademark-in-mexico-colombia-chile