When I got my first Apple Watch in 2015, I was sure that Apple would work quickly towards a week or a month of battery life. Ten years later, what do we have? "Great, all-day battery life." And practically the exact same appearance. The only reason to get a new Watch anymore is because your battery is toast.
Apple's restrictions on competing smartwatches leaves them free to keep releasing the same thing year after year. They don't have meaningful competition to worry about. As Apple customers you should be unhappy about that. Those of you who are also Apple shareholders... okay yeah, I get it.