You're not alone but are pretty shortsighted on potential.
There is huge potential for the Apple Watch, much of it related to health. Give it a couple more generations and it will be even better. As a scientist who researches in a health-related field, I see it as a boon to my work from a scientific (data gathering) and clinical (assessment/treatment) perspective.
Add in better battery life so it's better for sleep tracking, add in its own GPS, add in more sensors (e.g., a way to measure blood glucose levels without a needle, skin conductance, blood oxygen levels, etc.), add more native apps, and so forth and it will be revolutionary for health at the least. Over time, it will be nearly as influential (maybe more?) than the iPhone. Not in its current form but we're talking potential.
I don't own one and won't until at least gen 2 but I don't think anyone should rule out the Apple Watch (or its Android/Microsoft counterpoints).