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Maybe an undocumented (for now) expansion port to add more sensors to the straps?

Or perhaps it's purely for the watch to know if a strap is attached or not, for security purposes or something.

Came here to say this obvious answer.

In fact I remember reading about the apple pay system requiring the security code if the watch was taken off. Clearly sensors exist to detect when the step is connected or not.

At the same time, the idea of third party control and expansions sounds very likely.

IMO this doesn't need to be discussed further.
 
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