Given that a modern smartwatch has on the order of millions of times as many components, arranged very close to the theoretical physical limits of the materials, I don't know how any watchmaker could compete with a silicon lithographer on complexity.
Aside: I don't really care for either smartwatches or complex mechanical watches. I want my wristwatch to tell time, and all else being equal, to look good on my skin along with clothing I wear. To me, complexity should drive function and performance, and on that front, nothing competes with a quartz watch with a standard battery (or solid electromechanical drive) in a hand-opening case.
I'm not following you... what complications do you think an app on a smartphone couldn't replicate? I love mechanical watches, but a smartphone could perform the same work as any complication, as far as I know.
Aside: I don't really care for either smartwatches or complex mechanical watches. I want my wristwatch to tell time, and all else being equal, to look good on my skin along with clothing I wear. To me, complexity should drive function and performance, and on that front, nothing competes with a quartz watch with a standard battery (or solid electromechanical drive) in a hand-opening case.