A change in dimensions/form factor requires a change in factory line machining. Things of that sort are not easy to rush or change at the last minute.
We can debate endlessly our theories as to why this model is as it is, or why we don't have a firm on-sale date. I tend to the theory that the decision was made quite some time ago, in the worst days of the pandemic. Of the annual new products, a dramatically updated Watch was a lower priority than other products if production delays/cutbacks would be necessary.
Product development is a years-long process. It can be more disruptive to "cut back" or "re-think" than it is to stay the established course. I can see how certain new features/components can be left out/delayed, but the overall shape of the product isn't going to change. Display module? That team continues to move forwards - it affects the entire geometry of the product. Silcon? Maybe S7 contains changes to CPU, maybe only changes to other components of the SOC, but if CPU doesn't require re-engineering because there are no new capabilities demanding it... may as well dedicate the silicon-development talent/resources elsewhere.
Overall business considerations?
iPhone exists in a much more competitive environment, so significant, annual changes to the feature set/specs are much more of a business imperative.
Mac was already on a years-long pipeline to M-series silicon, so while some delay is acceptable (any word on the 30-inch iMacs?), overall there was no slowing that freight train.
iPad... Pandemic turned out to be a big business opportunity, so full steam ahead there.
Watch? There's no serious competition that's pushing demand for feature-parity from Apple. New medical/health features often require government regulatory approvals - something that undoubtedly would slow down when all hands have been dedicated to COVID. If the SOC doesn't demand re-engineering, best to devote new-chip development talent and efforts elsewhere.
Earlier in this thread, someone suggested (not for the first time), that it's not necessary to update iPhone every year. I'd argue that, in the case of iPhone, that's a non-starter. There's too much competition in smartphones to just sit back and let that competition roll out "new and improved" every year.
However, in Watch, we've already seen several cycles of small, incremental change from one year to the next. Since much of the competition seems to think that "round" is more important to product differentiation than "functionality," Apple can maintain its product differentiation with far less effort than it can in smartphones.
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