Funny you think that. For me the new rugged styling is just what I want in a watch. I do a lot of physical work while wearing my watch and always have been afraid my Apple Watches might get damaged (still wear them though). Now that worry will be less!!Well if you don’t mind the styling that is.
The Apple Watch is after all a fashion piece too. It’s not just a computer on your wrist with good specs. A lot of people dress up their Apple Watch when going out, not sure if most people would wear the ultra for this purpose.
For that reason I’d argue it’s less versatile than the regular S8
Rugged is a fashion statement too. We are not all hipsters and/or suit wearing office cattle!