Besides, Apple Watch sold extremely well for its product category.
One would like to think that way.
That doesn't imply that the Apple Watch poor sales theory is correct though
However, the iPhone SE had 98% of the guts of the 6S in a smaller package. That's not a cheap or simple thing to do.
And the Series 1 Apple Watch had a better CPU. That's basically a different watch.
One would like to think that way.