This has been true for a long time with ridiculously expensive watches that offer no true value over a decent high-precision $100 watch (or even a cheaper one). Idiots with too much money will always look for ways to rub people's noses in the fact that they are being paid too much money, that's just how human greed and hubris works.
My biggest problem is that I just don't like the Apple Watch at all; Apple's strength is in delivering focused, tightly integrated devices. Offering gold and silver colouring options if fine, but the Apple should really have made only a single high-quality segmented metal band and placed batteries in the segments, this way they could have had a sleek, stylish smart watch with good battery life. Instead they've produced a ridiculously chunky, round-edged watch that looks unbelievably childish, and then offered a wide range of unappealing bands to put your power-hungry watch onto.
It really doesn't seem like an Apple product to me at all. I'm sure plenty of people will still buy it "just because", and rich idiots will waste massive sums on them as status icons. But as a product I really despair at the poor design choices made here. I'm not saying iPhones aren't over-priced too, but the design was good when it came out, and has been improved and improved upon, but this just holds no appeal to me at all.