I can't believe you are trying to draw your conclusions off of a two year old model.
First, off, there are many other options out there. A few have the newer SoC. Most have gone to fully round screens rather than the flat tire you were using.
Second, everyone has been saying Wear OS (or Android Wear) is dead for something like three years now. Yet, vendors keep releasing new models.
Third, and finally, people seem to think that a smart watch should do everything their phone does. Its a smaller package that costs about 1/3 the price (or less) than a high end phone. Control your expectations a bit. I get my notifications, can preview e-mails and calendar events, and do other functions a typical watch would do such as stopwatch and timer. I don't need everything under the sun and moon on my wrist.