The current set of apple watch 5 is perfect already.
Look at how first generation gold apple watch turned out. Would you want to spend that much then look this old aged compared to watch 5 now?
Certain kind of product ends up in certain range because of how fast it get outdated. Look at a traditional mechanical watch like Rolex. Their popularity among people has never been this high with ever increasing price tag. Yet, Rolex can maintain that brand value because it doesn't get outdated that fast or ever (subjective). On the other end, Apple watch offers best of functionality in this age of time, but it's electronics. Every year, much better product comes out. I wouldn't want to own watch 3 and suddenly, after a month, watch 4 comes out. That was huge improvement.
That kind of advances in very short period makes more valuable apple watch like gold almost too luxury like for only minute selection of people.