Maybe if you stopped thinking about it as a smart watch and thought of it as a wrist worn computing device your thinking might not be so constrained.
I am a diabetic and an avid fitness buff. If this device contains bio-metric sensors, I would be more than happy to put it on my wrist, though I haven't worn a watch in years.
I have little need for time to be displayed on my wrist, but I don't know how many times my phone has vibrated while in my pocket and I didn't feel it.
To be able to quickly glance at my wrist to see a text is much more stealthy than pulling my phone out of my pocket and opening it up.
And maybe it never happens to you, but even though I have blue tooth in my car radio, when a phone call comes in while I'm driving, I have to go through this horrible contortion to get my phone out of my pocket.
And I'm sure there are many more applications. I am amazed that people are able to predict the uselessness of a device that hasn't even been announced yet, let alone demonstrated.
And give developers a chance, and they will come up with all kinds of wild and cool things just like has happened with the iPhone.
We already have a computer on our person our iPhone. Need another?
Sure, a biometirc device would be nice, but again - niche category.