Personally, I'd like Google to all but ignore the Apple Watch. IMHO, the Apple Watch ruined the smartwatch market with it's everything plus the kitchen sink approach which is a battery killer. Add to that Apple hamstringing every other device in iOS all but killed the nascent smartwatch market.
I'd love to see a model with long battery life in a reasonably sized package (< 40 mm x 10 mm) and a reasonable price. Anything less than two days is useless for sleep tracking, Getting there means keeping radios to a minimum. My phone has GPS, 5G and WiFi. so I don't need those radios in my watch., so don't make me buy them a second time. What I want my smartwatch to keep my phone in my pocket unless I need the "big" screen. The Pebble did a great job at that in 2015 in a package that quietly sat on my wrist without overwhelming it screaming "I am a smartwatch!". Basic fitness features, heart rate, step counter would be welcome in that package.