I have a MBP M1 16. It's a fantastic computer, but aesthetically it's not great. I think this watch is the same... but def worse. I do think Apple are at their best when they find that perfect blend of design and usability/function.
Apple has always had interesting, fresh and cool designs to their products. I don't think you can say any of these things about the Ultra. Apple is supposed to take things like this segment and then redefine it. That can happen through software and hardware. I don't think it's happening through hardware even though the watch will be sold out.
I feel like their designs have become Honda-ish of late. Honda used to produce attention grabbing vehicles, but in their pursuit of trying to become Toyota their made all their designs bland. They sold a heap more cars as they grabbed more markets, but lost their edge. Now they even admit that and are trying to get that edge back. Not saying that will happen to Apple, but I do think Apple's designs often no longer have that spark to them.